Ripple (XRP) price has been consolidating since hitting yearly highs on March 29, but the uptrend may resume soon.
Since breaking above the descending resistance line on March 21, XRP price has been rising rapidly. The rally led to a yearly high of $0,585 on March 29.
While this appeared to lead to a breakout of the $0.530 area, the price fell below it shortly thereafter, suggesting that the previous uptick was just a deviation.
However, the decline was not preceded by any bearish divergence on the RSI. Moreover, the price is attempting to break above the $0.53 area. If successful, it can rally to the next resistance at $0.650.
However, if XRP price is rejected, it could drop to the nearest support at $0.425.
It should be noted that while there is no news of the lawsuit between Ripple and the SEC, the extent of social media interaction Because this cryptocurrency has increased by more than 100%.
XRP/USDT daily chart | Source: TradingView
Ripple (XRP) Price May Break Resistance
A closer look reveals an increase in the number of waves supporting the continuation. The most probable wave numbers show that XRP price is currently in the fourth wave of a five-wave bullish impulse (white). If so, the price will break the $0.525 resistance area and head towards $0.650.
The fourth wave may take the shape of a triangle, although this has not been confirmed.
If the wave is correct, the price will rally to the 2.61 Fibonacci extension of the first wave (white) at $0.650, which coincides with the aforementioned resistance area.
However, a break below the first wave high (red line) at $0.433 would invalidate this wave and could catalyze a drop to the $0.350 support.
XRP/USDT daily chart | Source: TradingView
In conclusion, the most likely XRP price prediction is a rally towards the $0.650 resistance area. However, this will be invalidated when the price drops below $0.433. If so, a sharp decline to $0.360 is likely.
You can see the token price here.
Disclaimer: This article is for informational purposes only and does not constitute investment advice. Investors should do their research carefully before making a decision. We are not responsible for your investment decisions.
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