• Ripple has broken through a multi-year descending trendline, providing a positive market sentiment.
• XRP is now facing two substantial barriers: the $0.53-$0.58 range and the 100-week moving average positioned at $0.63.
• If XRP fails to break above this range, the descending trendline will serve as Ripple’s primary support level.
Ripple Price Analysis
Ripple went through a considerable increase, but its upward trend slowed down upon reaching the critical resistance level of $0.58.
Weekly Chart
After a significant spike, XRP has successfully broken through the multi-year descending trendline, a key level on the weekly timeframe, providing a positive market sentiment. However, the price now faces two substantial barriers: the $0.53-$0.58 range and the 100-week moving average positioned at $0.63.
If XRP manages to surpass the $0.53-$0.58 zone, a rally toward the 100-week moving average becomes likely.
Conversely, if the price fails to break above this range, the descending trendline will serve as Ripple’s primary support level.
4-Hour Chart
XRP’s price attempted to break the $0.58 level but was met with resistance, resulting in a reversal and a steady decline.