After the rapid movements of Ripple over the previous few days, it is
quite important to analyze the digital currency to predict its price in the
coming days.
Ripple jumped nearly 50 percent in the last 20 days, rising from $0.3000
levels until $0.4500 today, and is on the threshold of strong resistance which if
breached, could send the price strongly higher.
As can be seen from the previous chart, Ripple is showing volatile
movements as the XRPUSD pair, after suffering, managed to breach the triangle (in
blue) on May 15 to face the upper limit of the larger triangle (in black) at
0.4500 - 0.5000 levels.
It is reasonable to claim that penetrating the upper resistance line of
the previously mentioned Triangle will not be easy since the price has been moving
inside this triangle for nearly one and a half years.
If we look at the RSI, it also headed towards resistance at the level 70,
which indicates the Ripple is overbought and the drop probability is higher.
Therefore, it is not preferable buy Ripple unless it breaks the larger triangle
and stabilizes above it, yet it is not advisable to sell now without the
existence of price behavior appropriate on the weekly timeframe.
