- XRP appears to be breaking out of a descending parallel channel.
- Ali thinks the breakout could lead to an upswing to push the XRP to between $0.65 and $0.66.
- XRP bounced off support at $0.5720 to initiate the current rally.
According to Ali, a renowned cryptocurrency technical analyst on X, XRP appears to be breaking out of a descending parallel channel. He noted that the breakout could lead to an upswing that would push the XRP price to between $0.65 and $0.66.
#Ripple | $XRP appears to be breaking out from a descending parallel channel, which may result in an upswing to $0.65 – $0.66 for #XRP. pic.twitter.com/gvfeEMKIDX— Ali (@ali_charts) November 23, 2023
In his analysis, Ali presented a screenshot of the XRP/Tether US Perpetual Contract 4-hour chart published on TradingView. The chart showed that XRP bounced off support at $0.5720 before pushing upward to break above the descending parallel channel.
Apart from breaking out of the descending parallel channel, XRP’s price reflected significant upside momentum by overcoming other resistance regions that include multiple Fibonacci levels. After struggling for a while, XRP broke above the 0.236 Fibon…
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