The Ripple XRP price has increased since October 19, reaching a new 70-day high of $0.586 yesterday.
During the increase, XRP moved above the $0.550 horizontal resistance area but has yet to reach a close above it. Will it finally do so?
Ripple Attempts Reclaim of Horizontal Level
The weekly technical analysis shows that XRP has increased alongside a long-term ascending support trendline since the beginning of the year. The line has been validated multiple times, most recently in the first week of October (green icon).
The ensuing bounce validated the ascending support trendline and created a bullish, engulfing candlestick. This is a type of bullish candlestick where the entire decrease from the previous period is negated during the next period.
After the candlestick, the XRP price reached a high of $0.586. While this has seemingly caused a reclaim of the $0.550 horizontal area, a weekly close above the area has yet to occur.
Read More: Best Crypto Sign-Up Bonuses in 2023.
The weekly Relative Strength Index (RSI) is still undetermined.
With the RSI as a momentum indicator, traders can determine whether a market is overbought or oversold and decide whether to accumulate or sell an asset.
Bulls have an advantage if the RSI reading is above 50 and the trend is upward. The opposite is true if the reading is below 50.
While the indicator is increasing, it is right at the 50 trendline (green circle), failing to confirm the trend’s direction.
XRP/USDT Weekly Chart. Source: TradingView
The Ripple Labs partnership allows the former to strengthen the foundation of its infrastructure since Uphold’s extensive knowledge of liquidity further reinforces Ripple’s capacity to provide rapid and adaptable international payment solutions worldwide.
XRP Price Prediction: How Long Will Increase Continue?
The shorter-term daily timeframe price action and Relative Strength Index (RSI) both support the possibility that the XRP price will reclaim the $0.550 area and continue increasing.
The price action shows that the cryptocurrency broke out from a descending resistance trendline on October 19. Before the breakout, the trendline had been in place since July.
In the daily timeframe, XRP broke out from the $0.550 resistance area and closed above it. It is currently validating it as support.
The daily RSI is also above 50 and increasing, both considered signs of a bullish trend.
XRP can reach the 0.5-0.618 Fib retracement resistance level at $0.680-$0.740 if the increase continues. The resistance area is 30% above the current price.
XRP/USDT Daily Chart. Source: TradingView
Despite this bullish XRP price prediction, a daily close below the $0.550 horizontal support area can cause a 20% drop to the closest support at $0.430.
For BeInCrypto’s latest crypto market analysis, click here.
The post Ripple (XRP) Price Reaches 70-Day High After Announcing New Partnership appeared first on BeInCrypto.