XRP Breaks Above Key Resistance Level at $2.22
XRP has broken above its six-month descending trend-line, closing the latest weekly candle at $2.22, after reaching an intraday high of $2.31.
XRP Breakout Analysis
Key points from the recent price movement:
- XRP surpassed resistance traced from the January 16 swing high.
- The weekly relative-strength index (RSI) moved above its falling resistance line at 54, ending a series of lower highs.
- The WaveTrend Oscillator (WTO) shows a positive cross below the zero-line.
This combination indicates confluence among technical indicators, signaling potential upward momentum. However, increased trading volume is necessary to validate this breakout.
Analyst Maelius noted the importance of volume for sustaining the breakout, highlighting that without it, trends may revert. The 50-week exponential moving average sits at $1.84, indicating strong support.
If bullish momentum continues with adequate liquidity, targets could reach around $3.00. Conversely, a close below the trend-line would suggest a move towards $2.00 or $1.84 as potential support levels.
As of now, XRP is priced at $2.21.
