Ripple’s XRP price experienced a breakout from a 700-day resistance line, resulting in a yearly high of $0.94. However, the price has declined since then, confirming the significance of the $0.90 resistance area.
The long-term trend remains bullish due to the successful breakout. While the short-term trend is still undetermined, it suggests that a bottom will be reached soon if it has not been reached already.
Ripple Price Gradually Drops After Rejection From Resistance
The analysis of XRP on the weekly time frame shows a positive outlook. This is mainly due to the breakout from a descending resistance line that had been in place for 700 days. Breakouts from such long-term patterns often lead to significant movements in the opposite direction.
News on the Ripple front remains positive. The XRP ledger adoption spiked internationally after Ripple’s historic win against the SEC, which determined that XRP is not a security.
Following the breakout, XRP successfully surpassed the $0.54 horizontal resistance area, forming a bullish candlestick. It then proceeded to reach the next resistance level at $0.90 but faced rejection within the same week (red icon).
Currently, XRP is trading very close to the midpoint between these two levels, since it is roughly 25% away from both the resistance and support areas.
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Author: Valdrin Tahiri
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