$XRP
🚨 Ripple Technical Analysis 🚨
The XRP one-day price chart shows that the altcoin is at a pivotal point, which may explain why it has been consolidating within a tight range as traders hold positions to await a breakout.
XRP is testing resistance from the upper descending trendline of a parallel channel, and if it is successful in breaking out above $2.33, it might extend the rally to $2.61, and this will clear the way for a run up to $3.
The RSI supports this bullish thesis as it rises with higher highs, with the reading of 55 showing that the momentum is bullish. Meanwhile, the on-balance volume is still at range highs, an indication of a strong upward trend.
These technical indicators and the pending breakout support indicate that an XRP price breakout to $3 is next, and if this plays out, traders should await new highs. However, short-term fluctuations may impact liquidations, and considering the high leverage towards Ripple, a slight dip could spark a cascade of long liquidations and push the altcoin lower.