Summary
XRP price broke down from ascending support trend line but is now reclaiming it. Weekly RSI turning bullish, analysts positive about future trend. Daily outlook also bullish, price may increase by 25% if it breaks out from channel. Close below $0.55 could trigger 18% drop.
Key Points
1. The XRP price broke down from a 440-day ascending support trend line but is now reclaiming it this week.
2. The weekly time frame technical analysis shows that the XRP price had been increasing alongside an ascending support trend line since November 2022, reaching a high of $0.94 in July 2023.
3. The XRP price movement has been bullish recently, with the price reclaiming both the trend line and a long-term horizontal support area.