XRP price stuck on rising channel for 3 weeks
XRP’s price is held at 60ma
Bulls try to break 4-month downtrend
XRP’s price up 120% from lows
The price of XRP has been showing more strength in recent weeks as prices have risen more than 120% from the low set in July. An emergency lawsuit with the Sec did not prevent ripple from continuing to review the cases or from strengthening XRP. Many investors expect Ripple to win against the SEC because they are quickly buying XRP’s behind the scenes. XRP is one of last month’s top 20 winners, and the new ATH is expected to be one of the few top coins it hasn’t made yet.
Even since the price of XRP set its low of $ 0.50 in July, the price is on a strong upward trend. This particular price movement is very useful as the XRP price creates an increased channel formation. When the price reaches on each train, it passes to the other side of the channel. At the time of writing, the price of XRP was rejected on the downward Trend line in 4 months, and this price gave a new emphasis. Alongside this trend lies a large resistance zone, located in the December of $1.28-$1.37.
If XRP manages to clear both markers, the sky will open for a potential price tag of $ 1.50+.
XRP price analysis: 4-hour XRP / USDT chart
Should the XRP price fail to pass key areas of resistance, we should expect a return to a lower channel trend. Before that happens, XRP has a chance to hold a small support area at $ 1.19. We expect a lower channel trend to suggest a rebound if the Bears take control and push the price lower. Along with this trend line lies 60 MA. This MA has supported the XRP since it set its price at least $ 50. As long as the Bulls can keep XRP above this brand, it is on the rise.
When we look at the stochastic RSI, we see that the power is aligned within the overbought zone. This shows a downward trend in May
