- XRP recently broke down from a crucial 440-day ascending support trendline.
- The coin climbed alongside rising support since November 2022.
- Despite breaking through the ascending trendline and a horizontal support zone in February 2024, XRP has turned upward.
The XRP price recently broke down from a crucial 440-day ascending support trendline, but has managed to reclaim it this week, raising prospects of a bullish trend reversal materializing soon. The question now is whether XRP can sustain its rally to cement the outlook.
Analysis of the weekly price charts shows XRP has climbed alongside rising support in place since November 2022. This upward move ultimately tapped $0.94 in July. However, selling pressure intensified thereafter, causing prices to decline.
In February 2024, XRP broke through both its long-standing ascending trendline and a separate horizontal support zone. Yet in recent days, the price has turned upward once more, reclaiming both the 440-day trendline and the horizontal area.
The weekly Relative Strength Index (RSI), a momentum indicator, also shows early signs of bullish momentum returning. Having rebounded off oversold levels below 50, the RSI is now angling upward while crossing 50 into bullish territory – signaling accumulating strength.
Analysts favor XRP
Crypto analysts on X also view the recent price action favorably for XRP’s outlook. CaptainFabik notes XRP appears poised to break out of a large multi-month symmetrical triangle pattern. A successful breakout here would likely ignite significant volatility on the upside.
Zooming into the daily charts reveals similarly encouraging signals percolating right now. XRP has traded inside a descending channel since November, typically containing corrective movements.
The daily RSI also reflects building bullish momentum. With the indicator back above 50 and ticking higher now, upside appears to be the path of least resistance presently.
If XRP decisively cracks channel resistance in the coming week, prices could embark on a 25% climb towards the next barrier at $0.70, according to analysis. However, failing to clear $0.55 risks triggering an 18% fallback.
