Bullish signals in XRP: 70-day high!

XRP price surged to a 70-day high of $0.586 and climbed above the $0.550 resistance area.

XRP price surged to a 70-day high of $0.586 and climbed above the $0.550 resistance area. On the other hand, despite the price bullish forecast, a daily close below the $0.550 horizontal resistance area could trigger a sharp decline towards support.

Ripple (XRP) price has increased since October 19, reaching a 70-day high of $0.586 yesterday (October 24). The altcoin climbed above the $0.550 horizontal resistance area during the rise, but it is yet to reach a close above this level.

Trying to regain horizontal level

Weekly technical analysis revealed that XRP has been rising along a long-term ascending support trend line since the beginning of the year. This line has been supported many times, most recently in the first week of October (green icon).

The ensuing bounce confirmed the ascending support trend line and created an uptrend momentum. This was interpreted as a type of bullish candlestick in which all of the decline in the previous period was negated in the next period.

After the candlestick, XRP price reached a high of $0.586. While this seems to have led to a recovery of the $0.550 horizontal area, a weekly close above the area is yet to occur.

The Weekly Relative Strength Index (RSI) currently remains uncertain. As known; With the RSI as a momentum indicator, investors can determine whether a market is overbought or oversold and decide whether to accumulate or sell an asset.

If the RSI value is above 50 and the trend is upward, the bulls have an advantage. If the measurement is below 50, the opposite is true. While the indicator is bullish, it lies right above the 50 trend line (green circle) and cannot confirm the direction of the trend.
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