The Ripple XRP rate has actually reached a weekly close above the $0.55 horizontal resistance location.
Throughout the boost, XRP likewise broke out from an almost 100-day coming down resistance trendline. Will the rate continue increasing towards $1?
XRP Finally Closes Above Long-Term Resistance
The weekly technical analysis for XRP reveals that the rate has actually increased along with a rising assistance trendline given that June. The rate bounced at the trendline in March (green icon) and reached its annual high of $0.94 in July.
Throughout the boost, the XRP rate broke out from the $0.55 horizontal resistance location. After falling listed below it in August, XRP started another upward motion and recovered the location recently.
The XRP cost weekly close of $0.56 was the very first above this location given that XRP fell listed below it in August.
XRP/USDT Weekly Chart. Source: TradingView
The weekly Relative Strength Index (RSI) provides a bullish reading.
With the RSI as a momentum sign, traders can figure out whether a market is overbought or oversold and choose whether to build up or offer a possession.
Bulls have a benefit if the RSI reading is above 50 and the pattern is up, however if the reading is listed below 50, the reverse holds true.
The RSI moved above 50 recently, an indication that the pattern is turning bullish.
What Do Analysts Say About the Increase?
Cryptocurrency experts on X have a primarily bullish outlook on the future XRP motion. IonicXBT specified:
In a week’s time everybody will begin speaking about $XRP as rate pumps. Chart looks prepared. You heard it here.
Crypto Assets Guy was much more particular when talking about the XRP rate motion for the next year:
My REALISTIC cost forecast for $XRP on January 1, 2024 is $2.50 What is yours?
Crypto Poseidon set out a bearish circumstance in which failure to close above $0.55 was thought about an indication of weak point. Because the XRP rate closed above $0.55, the circumstance can be thought about void.
XRP/USDT Daily Chart. Source: X
Earlier today, a whale moved 50,000,000 XRP tokens from the Crypto.com exchange to a freezer wallet. Such a motion is related to supply lacks, which can then trigger a cost boost.
XRP Price Prediction: Can Price Reach $1?
The everyday timeframe technical analysis provides a bullish reading, supporting the recover in the weekly timeframe.
The rate broke out from a coming down resistance trendline on October 19. Before the breakout, the trendline had actually remained in location for 98 days.
The day-to-day RSI provides a bullish reading. The RSI is increasing and is above 50. Furthermore, the bullish divergence trendline (green) that preceded the whole upward motion is still undamaged.
If the boost continues, the next closest resistance location will be in between $0.68-$0.74. The location is produced by the 0.5-0.618 Fib retracement resistance level and is 25% above the present cost.