The XRP price has been in a downtrend since mid-November 2023. However, the XRP bulls seem to be taking control again if the following happens. An analysis of the 1-day chart of XRP/USD reveals that a potential price breakout is imminent. 
As of February 15, 2024, the price indicates an uptick in bullish momentum, with the pair currently trading at $0.55335, marking a 4.1% increase in the last 24 hours. A closer inspection reveals that XRP is challenging two critical resistance levels. 
<h2 id="xrp-price-needs-to-break-these-levels">XRP Price Needs To Break These Levels</h2> 
First, the Fibonacci retracement levels, drawn from the swing high at approximately $0.74854 to the swing low at $0.43085, show that the XRP price is currently facing the 0.618 level at $0.55221, which is a notable <a href="https://www.newsbtc.com/analysis/xrp/xrp-price-4000-surge/" target="_blank" rel="noopener ">level for traders</a> as it often acts as a pivot in market sentiment. XRP’s push through this level could indicate a shift towards a bullish outlook. 
Second, the 1-day chart also features a descending channel pattern, which began forming in early-December 2023. The upper boundary of this channel has been tested multiple times, and the current price action is once again approaching this boundary. A definitive breakout above this descending channel could signal a trend reversal. 
<img loading="lazy" decoding="async" class="wp-image-575241 size-full" src="https://www.newsbtc.com/wp-content/uploads/2024/02/XRPUSD_2024-02-15_11-09-33.png?resize=3628%2C1673" alt="XRP price analysis" width="3628" height="1673" srcset="https://www.newsbtc.com/wp-content/uploads/2024/02/XRPUSD_2024-02-15_11-09-33.png?resize=3628%2C1673?w=3628 3628w, https://www.newsbtc.com/wp-content/uploads/2024/02/XRPUSD_2024-02-15_11-09-33.png?resize=3628%2C1673?w=460 460w, https://www.newsbtc.com/wp-content/uploads/2024/02/XRPUSD_2024-02-15_11-09-33.png?resize=3628%2C1673?w=768 768w, https://www.newsbtc.com/wp-content/uploads/2024/02/XRPUSD_2024-02-15_11-09-33.png?resize=3628%2C1673?w=860 860w, https://www.newsbtc.com/wp-content/uploads/2024/02/XRPUSD_2024-02-15_11-09-33.png?resize=3628%2C1673?w=1536 1536w, https://www.newsbtc.com/wp-content/uploads/2024/02/XRPUSD_2024-02-15_11-09-33.png?resize=3628%2C1673?w=2048 2048w, https://www.newsbtc.com/wp-content/uploads/2024/02/XRPUSD_2024-02-15_11-09-33.png?resize=3628%2C1673?w=750 750w, https://www.newsbtc.com/wp-content/uploads/2024/02/XRPUSD_2024-02-15_11-09-33.png?resize=3628%2C1673?w=1140 1140w, https://www.newsbtc.com/wp-content/uploads/2024/02/XRPUSD_2024-02-15_11-09-33.png?resize=3628%2C1673?w=3000 3000w" sizes="(max-width: 1000px) 100vw, 1000px" data-recalc-dims="1"> 
For this to happen, the XRP price needs to break above the $0.55 mark, which coincides with the 0.618 Fibonacci level.&nbsp;Adding to the bullish narrative, the Exponential Moving Averages (EMAs) show a potential bullish crossover in progress. The EMA 20 (red line) at $0.52865 is trending upwards, suggesting short-term momentum is gaining. 
The EMA 50 (orange line) and EMA 100 (green line) are positioned at $0.54761 and $0.56331 respectively, with the EMA 200 (blue line) at $0.55985, serving as a long-term momentum indicator. A break above this cluster of EMAs, especially the 200-day EMA aka “bull line” could add to the <a href="https://www.newsbtc.com/analysis/xrp/xrp-price-could-surge-from-new-acquisition-amid-community-skepticism/" target="_blank" rel="noopener ">bullish arguments</a>. 
Notably, volume levels have been moderate, and the Volume Oscillator does not show any abnormal spikes, indicating that the current price increase is not yet backed by significant trading volume. This could suggest that the breakout, if it occurs, may need to be confirmed with higher volume to sustain the move. 
The Relative Strength Index (RSI) is at 59.62, which is below the overbought threshold of 70, indicating that there is still room for upward movement before the asset is considered overbought. 
<h2 id="breakout-confirmation-today">Breakout Confirmation Today?</h2> 
Overall, traders need to keep a close eye on whether the XRP price can <a href="https://www.newsbtc.com/analysis/xrp/xrp-price-break-moment-0-50/" target="_blank" rel="noopener ">sustain its movement</a> above the $0.55 to $0.56 range. If this is accompanied by an increase in volume, it could confirm the breakout from the descending channel and possibly lead to a new uptrend. 
Given the current technical setup, today’s trading session is crucial for determining the short-term direction of XRP. If XRP closes above the 0.618 Fib, descending channel as well as 200-day EMA, the bulls could finally be back.

XRP Price Alert: Breakout Could Confirm Today

Obsah

NewsBTC

Ďalšie články zverejnené 15. 2. 2024

Ripple IPO Could Set New Records; Top Trader Predicts Soaring Future for Polkadot Rival

VeThor Token (VTHO) price prediction; can it beat Bitbot?

New Solana-Based Meme Token To Buy and Hold – Could SMOG Be The Next BONK?

Market expert explains why Dogecoin (DOGE) & Chainlink (LINK) stay strong and why Kelexo (KLXO) l...

Debt Box counters SEC’s bid for dismissal, alleges strategic maneuver

Setting sail in the cryptocurrency ocean

Pripojte sa k nášmu bezplatnému bulletinu a získajte denné aktualizácie kryptomien!