While Ripple’s XRP price failed to clear a crucial horizontal resistance area and fell afterward, it is currently attempting to find short-term support.

Despite the failure to break out, XRP’s price created a bullish pattern and potentially began a short-term reversal. The reaction and the $0.52 area will be crucial to determine the future trend.

Ripple Price Resumes Descent After Rejection

The XRP price has made three failed attempts at moving above the long-term resistance of $0.53 since September 2022 since the area had been in place for nearly a year; whether the price moves above or below it could determine the future trend.

Therefore, a breakout above it would be expected to accelerate the rate of increase, while a rejection could cause a sharp drop.

Next, the XRP price may have followed an ascending support line since the beginning of the year. When combined with the $0.53 area, this creates an ascending triangle, considered a bullish pattern.

This means that an eventual breakout from it will be the most likely scenario.

However, the Relative Strength Index ( Go to Source to See Full Article
Author: Valdrin Tahiri

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