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XRP gains support from SEC v. Ripple case updates
Since January 22, XRP (XRP) has been going up. It recently broke out of a short-term resistance level, and it's been going up ever since.
Conclusion
- This means that the price of the cryptocurrency XRP is moving down in a parallel way.
- Has taken back the $0.71 of horizontal space.
- In a short-term trend, the XRP price has broken out of a line that was going down.
Since Sept. 21, XRP has been falling inside a descending parallel channel that has been going down at the same rate as the channel. So, while it was doing that, it fell to a low of $0.546 on January 22. This confirmed the support line of the channel as well. In the beginning, this seemed to break down below the $0.71 horizontal support area (green circle).
Even though prices have been going up, XRP broke out of the area on Feb 7 and used it again on Feb 28.
At this point, it is nearing the resistance line of the channel. Because descending parallel channels are thought to be corrective patterns, a break from them would be the most likely outcome.
It would be at $1.35 if one did.
Future movements of XRP
Cryptocurrency trader @CredibleCrypto tweeted a chart of XRP. He said that the price is still trading below a certain level of resistance.
However, technical indicators show that the upward movement will continue, which means that a breakout will happen. This is shown by the rising MACD and RSI. Furthermore, the first is positive and the second is above 50, which are both signs of a bullish trend.
However, technical indicators show that the upward movement will continue, which means that a breakout will happen. This is shown by the rising MACD and RSI. Furthermore, the first is positive and the second is above 50, which are both signs of a bullish trend.
XRP/BTC
This is also good news for the XRP/BTC chart, because the price has broken out of a descending resistance line and is now going up.
Besides that, it has regained the area around the 1700 satoshi mark and confirmed it as a support after that, too If the price keeps going up, the next area of resistance is at 2800 satoshis.
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