Cryptocurrency trader TonythebullBTC is extremely bullish on the XRP prospects for several reasons. He stated that:
“I find it challenging not to be bullish on XRP just glancing at this: BBW is the second tightest ever, %B is above 0.5 suggesting bullish price action, price poked out of the upper Bollinger Band – closing above it is a breakout buy signal.”
Ripple XRP Price Prediction: Will Price Regain Footing?
The technical analysis from the daily time frame gives a mixed reading.
On the positive side, XRP broke out from a descending resistance trend line on Oct. 19. The trend line had been in place for 98 days at the time of the breakout.
After breaking out, the XRP price was rejected by the 0.618 Fib retracement resistance level on Nov. 13. This created a long upper wick (red icon) and validated the $0.74 area as resistance. XRP has fallen since the rejection.
The daily RSI is also mixed. While the indicator is decreasing, it is still slightly above 50. Additionally, it is approaching the bullish divergence trend line (green) that preceded the entire increase.
So, whether the RSI bounced at the 50 level can determine the future trend.
A successful RSI bounce alongside a XRP price bounce at the $0.60 support can lead to an increase. This could cause a breakout from the 0.618 Fib resistance and a 50% increase to the next resistance at $0.94.
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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.