The Ripple XRP price has increased significantly before the Ripple Swell conference, reaching a high above $0.70.
XRP broke out from a descending resistance trend line during the increase and reclaimed a long-term horizontal resistance area.
XRP Increases After Close Above Resistance
XRP’s weekly technical analysis indicates a consistent price increase since June, aligning with an ascending support trend line. The price bounced off the trend line in March and peaked at $0.94 in July (red icon). The value still stands as a yearly high.
XRP broke through the $0.55 horizontal resistance area during this ascent. Despite a dip below in August, the recent upward movement successfully reclaimed this zone last week, the first close above this level since August. XRP reached a high of $0.73 this week.
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The technical analysis from daily time frame reinforces the bullish sentiment observed on the weekly one.
To begin with, the XRP price experienced a breakout from a descending resistance trend line on Oct. 19, a significant development considering the trend line’s 98-day existence before the breakout.
Furthermore, the daily RSI continues to support the bullish outlook, displaying an upward trend and maintaining its trend above 50. The bullish divergence trend line (green) that preceded the upward movement adds an extra layer of optimism.
The price currently trades inside the $0.68-$0.74 resistance zone. This area is defined by the 0.5-0.618 Fib retracement resistance levels.
Following Fibonacci retracement principles, after a substantial price shift in one direction, there tends to be a partial retracement before resuming the original trajectory. The $0.68-$0.74 range represents the last hurdle before reaching $1.
Despite this bullish XRP price prediction, a daily close below the 0.5 Fib retracement support level at $0.68 can cause a deeper retracement. XRP could fall by 20% to the $0.55 support area if that happens.
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In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions.