The Ripple XRP price has moved above the $0.550 horizontal resistance area, reaching a high of $0.586 on October 24.

During the increase, XRP moved above the $0.550 horizontal resistance area but has yet to reach a close above it. Will it finally do so?

XRP Moves Above Critical Long-Term Level

The weekly technical analysis of XRP reveals that the price has followed an upward trend since the beginning of the year, with a well-established ascending support trendline.

This trendline has been tested and confirmed multiple times, most recently in the first week of October (green icon).

Following this bounce, the price created a bullish engulfing candlestick pattern. This pattern occurs when the entire price decline from the previous period is reversed in the next period.

After this candlestick pattern, XRP’s price jumped to $0.586. Although this indicates a successful reclamation of the $0.550 price level, a weekly closin

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Author: Valdrin Tahiri

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