6-Year Trendline — a Formidable Obstacle, Will XRP Break It?

• Crypto Analyst puts forward requirements XRP needs to meet before it spikes.
• $0.54 resistance level, a critical level to be broken for XRP’s rise.
• XRP’s support levels have a silver lining; could possibly act like a launch pad.

A Crypto Analyst who goes by the pseudonym JD tweeted that XRP was making higher highs in price while printing lower lows in RSI and Stochastic RSI on the weekly timeframe. This coincided while the token was bouncing off a 2-year trendline. Furthermore, the analyst stated that for XRP to spike drastically, it has to meet certain criteria. 

The first requirement that XRP had to meet was to break the $0.54 resistance at least on a daily for momentum. The analyst expected that the Stochastic RSI on the weekly timeframe should cross 20. Moreover, as the third requirement, the Yellow 6-year Trendline has to be broken for XRP to reach the moon.

When scrutinizing the chart above, XRP has been moving inside a symmetrical triangle pattern. As the pattern is near completion, XRP may break out at any given time. In the event that XRP starts to rise once it breaks out, it would test the $0.54 resistance level. However, if XRP breaks out from the triangle conventionally, as per the best practice of trading the triangle, it may increase by the height of the triangle as shown in the chart. Hence, XRP could go past $0.65 and reach $0.7. After reaching $0.7 if the market decides that XRP is not overbought, then, the bulls could push further higher to $0.85.

Don’t forget that XRP could also crash to $0.41 or further reach $0.32 when it breaks out. However, the silver lining at these support levels is that these levels have been also the launch pads for XRP drastic spikes. Thanks to the high trading volumes at these support levels, which made this feat attainable to XRP in the past. Hence, as mentioned by the analyst above investors may need to add a pinch of patience when trading before XRP heads to the moon.