Ripple XRP Price Looking Strong Despite Crypto Market Turmoil

The Ripple (XRP) price is quickly approaching the end of a pattern in place since June 2022. A decisive movement outside its confines is expected soon.

On March 3, Ripple Labs CEO Brad Garlinghouse joined calls for the U.S. and its financial institutions to embrace crypto. He stated that American innovation would suffer by Fintech and crypto companies leaving the United States.

Next, Brook Entwistle, a Ripple executive, stated that central bank digital currencies (CBDC) have strong utility, and Ripple is in talks with numerous banks about potential CBDC launches.

However, there was no news regarding the Securities and Exchange Commission (SEC) lawsuit against the firm, which is likely to be the most important factor in the future of Ripple and XRP.

Ripple XRP Price Approaches End of Pattern

The XRP price has traded inside a symmetrical triangle since June 2022. The triangle’s resistance and support lines have been validated numerous times. 

However, since the beginning of the year, the XRP price has made numerous attempts at breaking out. Since lines get weaker each time they are touched, the price action suggests that an eventual breakout from this triangle is the most likely scenario. 

Moreover, the daily RSI has generated bullish divergence (green line), another sign of a potential bullish reversal. Finally, the XRP token price created a long lower wick on March 3. 

The end of the pattern is projected at the end of the month, so a decisive move is expected to occur by then. 

If the digital asset price breaks out, the next closest resistance would be at $0.43. However, if a breakdown occurs instead, the XRP price could fall to $0.30.

XRP/USDT Daily Chart. Source: TradingView

Ripple XRP Trades in Corrective Pattern

The price history from the short-term four-hour chart shows that the Ripple price has traded inside a descending parallel channel since Jan. 23. Such channels usually contain corrective movements, meaning that an eventual breakout is expected.

Moreover, the XRP price is trading in the upper portion of this pattern, further solidifying the possibility of a breakout.

Since the channel’s slope coincides with that of the long-term resistance line, a breakout from the channel would also lead to a breakout from the resistance line.

XRP/USDT Four-Hour Chart. Source: TradingView

To conclude, the most likely XRP price forecast is a breakout from the long-term triangle and an increase to $0.43. A breakdown below the support line would invalidate this outlook and could trigger a fall to $0.30.

For BeInCrypto’s latest crypto market analysis, click here.


BeInCrypto strives to provide accurate and up-to-date information, but it will not be responsible for any missing facts or inaccurate information. You comply and understand that you should use any of this information at your own risk. Cryptocurrencies are highly volatile financial assets, so research and make your own financial decisions.

Bookmark (0)
ClosePlease loginn

Related Posts

Bitcoin: The Best Performing Asset Class in Q1 2023

Bitcoin set for its best trading quarter in nearly 2-years.
The top cryptocurrency vastly outpaces stocks performance.
BTC is well placed for more gains in Q2 2023.

Bookmark (0)
ClosePlease loginn

USDC Supply Shrinks by $10 Billion in March, But Hits 6-Month High on Smart Contracts

USDC supply declined by $10 billion in March following its exposure to the US banking crisis.
However, the stablecoin use on smart contracts reached a six-month high of 42.08%.
Tether USDT is now the dominant stablecoin, accounting for over 60% of the market.

Bookmark (0)
ClosePlease loginn

Bittrex Quits US, Cites Unfavorable Regulatory Environment

Crypto exchange Bittrex said it was leaving the United States because of the regulatory environment.
The crypto company had had previous skirmishes with financial regulator in the country.
Crypto stakeholders have warned that the US regulatory landscape would force many firms out of the country.

Bookmark (0)
ClosePlease loginn

Solana overcomes FTX fiasco — SOL price gains 100% in Q1

The cryptocurrency market may have overreacted to Solana’s FTX links and its tainted boss, Sam Bankman-Fried.

Bookmark (0)
ClosePlease loginn

Elon Musk requests dismissal of $258B Dogecoin lawsuit: Report

The plaintiff’s brought up Musk’s Saturday Night Live appearance in 2021, where he portrayed “a fictitious financial expert” and called Dogecoin “a hustle,” resulting in a steep price decline minutes later.

Bookmark (0)
ClosePlease loginn

Here’s how the crypto industry is using artificial intelligence

The rise of artificial intelligence, though in its early stages, has found use cases in crypto through countless projects.

Bookmark (0)
ClosePlease loginn

Leave a Reply

Your email address will not be published. Required fields are marked *