- XRP’s daily chart showed that it had bounced off the lower lows and could trend higher.
- A successful close above $0.55 could trigger a 22.85% rally toward $0.70.
- The 4-hour and daily chart indicated that rejection at $0.55 could force a plunge to $0.50.
Ripple’s (XRP) price action on the daily timeframe suggested that the token could break out soon. Between December 6 and February 14, XRP formed a descending parallel channel. During this period, the support line connected consecutive lower lows while the resistance linked consecutive lower highs.
However, the price had since bounced off the support trend line at $0.50. Despite the upswing, XRP faced another hurdle at $0.55. Previous attempts to flip the zone had been met with rejection.
XRP/USD Daily Analysis
If bulls successfully breach the resistance, XRP triggers a 22.85% rally which could help the price retest $0.70. Conversely, another failed attempt at flipping $0.55 could lead the price downward. Should this be the case, XRP’s value might shrink by 7.40%, bringing the price back to $0.50.
At press time, the Relative Strength Index (RSI) reading was 52.40, indicating that bulls had the upper hand…
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