The XRP rate has bounced off the long-term support line. Where to go

On December 19, Ripple (XRP) tested the line of long-term upward support for the sixth time and has been growing since then.. A favorable outcome of the lawsuit with the SEC may support the coin XRP is the native coin of the Ripple project, whose developers consider it their main task to simplify, make money transfers cheaper and faster. Ripple's two-year litigation with the US Securities and Exchange Commission (SEC) is now coming to an end. Its favorable outcome could have a positive impact on the price of XRP. XRP bounces off 192-day support According to technical analysis results, the coin has been moving along an ascending support line since June 14. The price has already bounced off it more than once.. The last time this happened was December 19 (green badge). Up to now, each bounce has caused a significant increase in the coin and even led to the formation of a bullish engulfing candle (November 14, highlighted in the chart). This support line remains unbroken for 192 days, highlighting its importance.. Accordingly, its bearish breakout could trigger a sharp drop in the XRP price. Technical indicators look mixed. So, the daily RSI started to rise, but still remains below the 50 mark.. Also, it does not give any bullish divergence signals. If the price continues to rise, it will meet resistance around $0.385. Meanwhile, a break of the support line will send Ripple below $0.30. Earlier, the editors of BeInCrypto said that in the middle of this month, Ripple (XRP) whales became active and moved significant amounts of coins. Source: TradingView Should this be the start of a short-term rally?. Here, XRP made a bullish breakout of the descending resistance line after the RSI gave bullish divergence signals (green line). In the last 24 hours, the growth rate has accelerated. The coin is currently facing minor resistance at $0.375.. Its clean breakdown may cause the price to rise in the direction of $0.385. On the other hand, a rebound from the $0.357 area may cause a retest of the long-term upward support line. As the barriers get weaker with each such touch, a bearish breakout of this line cannot be ruled out. Source: TradingView Thus, the direction of the further trend for XRP remains uncertain. However, an initial rally of relief towards $0.385 is very likely.. The subsequent behavior of the price in this area will determine the further direction of the movement of the coin. Earlier, the editors of BeInCrypto collected expert forecasts for the Ripple (XRP) rate for 2023. Disclaimer All information contained on our website is published on the principles of good faith and objectivity, and for informational purposes only.. The reader is solely responsible for any actions taken by him on the basis of information received on our website.