Ripple (XRP) has been consolidating lately after bouncing off the $0.530 resistance area. However, the price may soon resume growth.
In March, the Ripple project coin (XRP) was on the rise in a number of indicators, including the growth of popularity in social networks.. On March 29, the price updated the maximum of this year.
However, after that, as the results of the technical analysis of the daily timeframe show, the XRP rate moved into the consolidation phase. It started after the price rebounded from the $0.530 resistance area..
However, a number of indicators give reason to believe that the market will soon resume growth.
On March 21, XRP made a bullish breakout of the descending resistance line and then skyrocketed to the aforementioned high of the year.
Although the price fell below the $0.530 area shortly after, the RSI did not signal a bearish divergence..
However, already on April 5, the token rebounded from this barrier again, forming a long upper wick.
In case of a successful bullish breakout, XRP could rise to the next long-term resistance level at $0.650. On the other hand, a rebound could cause a fall to the nearest support at $0.425.
Meanwhile, price and wave analysis of the shorter 12-hour chart suggests that the coin is now in wave 4 of a five-wave bullish structure (white).
This paints the Ripple outlook bullish, promising the market to break through the $0.525 resistance area and rise towards $0.650..
There is an area of horizontal resistance here, as well as the extension level 2.61 of wave 1 (white color).
The most likely pattern for the completion of the corrective wave is a short-term symmetrical triangle.
On April 3, the XRP rate bounced (green icon) from the area of convergence of supports between the support line of the triangle and the Fibo level of 0.382 correction (black).
Accordingly, it is possible that the market has already passed the minimum correction point, and now a bullish breakout can be expected soon.
However, if the price absorbs the high of wave 1 at $0.433 (red line), this scenario will be neutralized, and the coin may sink to the $0.350 support level.
Thus, the most likely scenario for XRP is an increase towards the $0.650 resistance area, however, a price dip below $0.433 could trigger a fall towards $0.360.