XRP The price is attempting to break out of a descending channel that has been creating difficulties since the beginning of November, and the next important price objective remains in the $0.7529 region.
Analyst EGRAG first drew attention to the movements in price. The presented chart has a detail showing the rise and fall of XRP since August. The data confirms that the altcoin has been in an uptrend since then, despite recording occasional dips.
Two descending channels are noticeable on the chart, which are trying to invalidate this uptrend. The first descending channel, DC A, was formed when the altcoin fell from the July highs. Following the positive decision in the SEC case, the price rose to $0.93 on July 13.
However, XRP recorded a sharp correction, falling from this local top, resulting in a major downtrend. altcoin It fell to $0.4603, a 50% drop from its peak of $0.93 on September 11.
Due to this pullback, the first descending channel has been completed. However, data from EGRAG’s chart shows that the altcoin recorded a breakout from descending channel A when it broke through $0.58 in late October.
After breaking out of the first channel, XRP continued its uptrend and reached a high of $0.7326 on November 6. However, the altcoin recorded another decline. As it continued to correct the earlier surge, a second descending channel, called DC B, formed.
XRP has been trading in this descending B channel for a month now, having failed to capitalize on the recent market-wide rally led by Bitcoin (BTC). While assets like BTC and Ethereum (ETH) are making big moves, XRP is rising more slowly.
XRP Price Target is 0.7529 and $1.3
The slow increase in XRP price may be more negative for market participants, but it was quite significant for the price to break above the second descending channel. Yet this break does not come with complete faith. The price dropped to retest the upper trend line of the channel as it is currently trading at $0.6451.
EGRAG is predicting a full breakout that should take XRP to the next price target of $0.7529, currently located at Fibonacci 0.5, and according to EGRAG, this is the Fib. The 0.5 point plays a very important role in the short-term journey of the price. Because it will mark the transition from a downtrend to an uptrend.
The analyst claimed that if XRP breaks through $0.7529, it will initiate an upward momentum and trigger a revival of confidence among investors. He stated that the altcoin could use the $0.7529 level as a launchpad to target the $1.3 – $1.5 level.