XRP Breaks Above Short-Term Descending Trendline, Will Price Drop to $1.1 Next or Breach $1.52?


XRP recently broke above a short-term descending trendline, with its next directional move decisive yet still largely uncertain.

As the broader crypto market battles the bears amid the escalating Israel-Iran conflict, XRP has continued to fluctuate between $1.4 and $1.33 amid declining volatility. Notably, its recent upward push breached a multi-week descending trendline that has capped upside potential since February, leaving two pathways in sight.

Key Points

  • XRP has fluctuated between $1.4 and $1.33 over the past week as volatility declines despite the ongoing Israel-Iran conflict.
  • Following a drop at the start of this week, XRP recently staged a recovery that allowed it to breach a long-standing descending trendline.
  • This trendline started forming in mid-February and capped XRP’s upside potential for over two weeks.
  • With XRP now above the trendline, a sustained push could lead to the $1.52 resistance area, which would determine if the uptrend hits higher levels or loses momentum.
  • Meanwhile, if XRP fails to maintain the breakout, a drop back below the trendline could bring back bearish targets around $1.1 to $1.27.

The XRP Descending Trendline

Market analyst Shay (Shay Analytics) called attention to the descending trendline in a recent TradingView report. Data from the chart shows that this trendline started forming on the 2-hour timeframe after XRP collapsed from the $1.67 high on Feb. 15.

Following the drop, XRP traded way below the trendline, failing to even attempt a breakout above it for ten days. However, bulls leveraged the recovery campaign that began on Feb. 24 to eventually retest the trendline, pushing prices to $1.49 by Feb. 26. Nonetheless, the resistance at the trendline resulted in a pullback.

XRP made another breakout attempt three days later, soaring to a high of $1.43 on March 1, but this also failed. The third push occurred barely 24 hours later, and the bears triggered another pullback. Seeing these failed attempts, Shay suggested that XRP would likely see sustained declines below the trendline, potentially reaching $1.27 as the first bearish target and $1.11 as the second.

XRP’s Breakout Keeps Upside Hope Alive

However, XRP has beaten the analyst’s expectations, having now successfully broken above the resistance at the multi-week descending trendline, as it trades for $1.41 at press time. Nonetheless, the upward push has stalled, with XRP currently indecisive.

XRP 2h Chart | Shay Analytics

From the current position, the healthiest option would be a quick retest of the trendline breakout in the form of a pullback to the $1.37 area. If the support at this region holds, this would confirm that the breakout had solid strength, potentially allowing XRP to target the resistance area marked on the chart between $1.49 and $1.52. This would keep the upside hope alive.

Meanwhile, if XRP pulls back to the trendline support around $1.37 and drops below it, the original downside targets of $1.11 and $1.27 could come back into play. Essentially, XRP’s next direction now depends on whether it can hold above the $1.37 support area.

Mid-Term Structure Remains Unchanged 

However, while XRP has broken above the short-term descending trendline, market watcher Casi suggested that the mid-term structure remains unchanged. Specifically, she stressed that for XRP to flip the current trend, it would have to breach the $1.67 resistance, which sits above Shay’s $1.52 mark.

On the downside, Casi noted that a push below $1.11 to $0.87 would introduce greater bearishness to the market. While XRP has not broken above resistance, it has still not made lower lows. Until XRP breaks either of these areas, the analyst stressed that it remains within a range.

DisClamier: This content is informational and should not be considered financial advice. The views expressed in this article may include the author’s personal opinions and do not reflect The Crypto Basic opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.





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