Here’s Why the Future Is Looking Bullish for Ripple (XRP) Price
, 2022-11-25 07:30:00,
The XRP price could break out from a short-term resistance level in the near future, accelerating its rate of increase toward $0.47.
The price action from the weekly time frame shows that the XRP price fell inside a descending parallel channel since April 2021. At the time, it had reached a 2021 high of $1.98. This was considerably below the all-time high of $3.55 reached in Jan. 2018.
While decreasing inside the channel, XRP fell to a low of $0.28, validating the channel’s support line (green icon). The ensuing upward movement reclaimed the channel’s midline. Afterward, the XRP price fell during the week of Nov. 7 -14, in a fall seen throughout the crypto market. Nevertheless, it has held above the channel’s midline (green circle). This is considered a bullish sign.
The weekly RSI is extremely bullish. Firstly, it has broken out from the resistance line that began simultaneously with the channel. Secondly, it generated bullish divergence (green line). The trend line of the divergence is still intact. These are bullish signs that bode well for the future XRP price.
Therefore, a breakout from the channel is possible. If one occurs, XRP could reach the resistance area with an average price of $0.87.
As a result, the XRP price prediction from the weekly time frame is bullish. A weekly close below the channel’s midline and/or breakdown of the RSI trend line would invalidate it.
XRP Price Prediction 2022: Bullish Structure Still Intact
The price movement…
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