Ripple (XRP) price is rapidly approaching the end of a pattern formed since June 2022. Expect a decisive departure from this pattern soon.
On March 3, Ripple Labs CEO Brad Garlinghouse Join the call The United States and its financial institutions embrace cryptocurrencies. Innovation in the U.S. will be impacted by crypto companies leaving the U.S., he said.
Next, Brook Entwistle, a manager by Ripple, statement Central bank digital currencies (CBDCs) have strong utility, and Ripple is in talks with a number of banks to launch CBDCs.
However, there is no word yet on the SEC filing a lawsuit with the company. This is probably the most important factor for the future of Ripple and XRP.
Ripple price is about to end the pattern
XRP price has been trading inside a symmetrical triangle since June 2022. Both the resistance and support lines of the triangle have been verified many times.
However, since the beginning of the year, the Ripple price has made several breakout attempts. Since the lines get weaker each time they are touched, price action suggests a higher probability of a breakout of this triangle.
Additionally, the daily RSI produced a bullish divergence (green line), another sign of a possible bullish reversal. Finally, XRP price fell below the long line on March 3.
The mode is expected to end at the end of the month, so decisive action should be taken by then.
If the price breaks out, the next level of resistance lies at $0.43. However, in the event of a breakdown, the XRP price could drop to $0.3.
XRP/USDT daily chart | Source: TradingView
Ripple Transactions within a Regulatory Model
The technical analysis of the four-hour chart shows that the price of Ripple has been trading in a downward parallel channel since January 23. Such channels often contain adjustment trends, which means that the adjustment is expected to eventually break through.
Furthermore, XRP price is trading in the upper half of the pattern, further enhancing the possibility of a breakout.
Since the slope of the channel coincides with the slope of the long-term resistance line, a breakout of the channel will also result in a breakout of the resistance line.
XRP/USDT 4-hour chart | Source: TradingView
In summary, the most likely XRP price prediction is a breakout of the long-term triangle and a rally to $0.43. A break below the support line will invalidate this outlook and could take the price down to $0.3.
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