Lorenzo Stroe
Independent Analyst
- XRP price is currently contained inside an ascending parallel channel on the 12-hour chart.
- The digital asset has just defended a key support level and aims for a rebound.
- It seems that investors are interested in XRP again, despite the current lawsuit against Ripple.
XRP price has been trading inside a robust uptrend since February 5, gaining new strength and establishing several support levels on the way up. XRP bulls have just defended a key support level and target a significant rebound towards $0.7.
XRP price can climb towards $0.90 if bullish momentum persists
On the 12-hour chart, XRP price has just defended the key support level of $0.57, which is the lower support trendline of an ascending parallel channel. A rebound from this point can quickly push XRP price towards the upper boundary at $0.7.
XRP/USD 12-hour chart
The most critical resistance level is $0.7, the upper trendline. A breakout above this level can easily push XRP price to $0.90 as there are no significant resistance levels on the way up. On the 4-hour chart, the TD Sequential indicator has presented a red ‘8’ candlestick.
XRP/USD 4-hour chart
This type of candlestick will usually transform into a buy signal, giving credence to the bullish outlook above. However, XRP price needs to see a significant rebound for any of this to happen.
XRP/USD 12-hour chart
Losing the lower boundary of the ascending parallel channel at $0.57 and closing below it, would send XRP price down to $0.42, a 25% move calculated by using the height of the pattern as a reference point.
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