Ripple (XRP) has recovered above long-term support: should we expect continued growth

Ripple's price has risen over the past two weeks, recovering to close above the long-term level it previously lost. Let's see if this will lead to more significant growth, or if XRP will continue to consolidate as it has for most of 2023.

XRP closed above long-term support

The weekly timeframe shows that the XRP price has been rising over the past two weeks, consistently forming bullish weekly candles.

Last week's close was particularly important as it occurred above an ascending 460-day support line. Before this, the token broke through this trend line and horizontal support area. However, the price has now recovered above both levels.

Source: TradingView

The weekly relative strength index (RSI) is not yet clearly bullish, despite the rise. Although the indicator is moving higher, it has yet to rise above the neutral level of 50 (green circle).

XRP Forecast: Should We Expect a Bullish Breakout?

The daily chart paints an optimistic picture. He suggests that a bullish breakout will occur soon.

First, price action shows that Ripple has rallied since its January 31 bounce from the descending parallel channel support line.

During the growth, the price moved above the horizontal area of $0.55, which previously acted as resistance. XRP then confirmed it as a support level.

Amid this movement, the daily RSI rose above 50 (green circle), supporting price dynamics. If the token makes a bullish breakout from the channel, it could rise 27% and reach the next resistance at $0.70.

Source: TradingView

Despite the bullish outlook, a close of XRP below $0.55 could trigger a 16% decline to immediate support at $0.47.

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