Ripple (XRP) has breached the short-term resistance and it may break the long-term resistance soon. This could catalyze a strong upward movement.
Last week, Ripple Labs announced that it had cooperate Collaborate with the Solana Foundation and others to accelerate the use of crypto-based solutions to combat climate change. For the case between Ripple and the SEC, prominent attorney John E. Deaton Announce He has every confidence that Ripple will win.Character criticize The campaign against the SEC has grown on many fronts.
Ripple (XRP) regains momentum and attempts a breakout
Since the start of June 2022, XRP has been trading within a long-term symmetrical triangle. During that time, it made several breakthrough attempts. From a yearly high of $0.43 on Jan. 23, attempts over the past 30 days (highlighted) have become more frequent. Since these lines get weaker each time they are touched, an eventual breakout of the lines is possible. If this happens, XRP price could rally towards the nearest resistance at $0.43.
However, if XRP price fails to break it, it could drop to the ascending support line of $0.35.
Daily RSI is at 50, indicating a neutral bias. However, a bullish candle (green icon) on February 20 supports the possibility of a breakout.
XRP/USDT daily chart | Source: TradingView
A short-term breakthrough will catalyze the upward movement
Short-term technical analysis on the four-hour chart supports the outlook on the daily chart. Hence, this indicates that XRP price is poised to break out.
The two main reasons for this are the breakout of the short-term descending parallel channel and the completion of the ABC correction (red). Therefore, the cryptocurrency can accelerate to $0.43 in the next 24 hours.
However, if XRP price closes below the resistance line of the channel, it will negate this bullish outlook and could push the price to $0.35.
XRP/USDT 4-hour chart | Source: TradingView
In conclusion, the most likely XRP price prediction is a rally to at least $0.43. However, a break below the resistance line of the short-term channel would invalidate this assumption. In this case, XRP price may drop to $0.35.
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