XRP price broke above the descending resistance line on March 21, creating a large bullish engulfing candlestick. After a short-term decline, the price continued to rise and reached a new yearly high at $0,585 on March 29.
A break above this line was also combined with a break above 50 of the RSI, increasing its legitimacy.
Ripple price is in the process of closing above the $0,535 resistance area, which is likely to succeed if a sharp drop takes place over the next 24 hours and this area is expected to support the continuation of upward movement. However, if Ripple closes below this area on the daily timeframe, a drop to $0.43 could happen.
Currently, the price is trading inside the $0.565 long-term resistance area. This is an important area as the price has not traded above the area since first breaking below it in May 2022.
Reclaiming this area could lead to a pump to the next resistance at $0.925, up 66% from the current price.
There was some positive news about Ripple last week. On March 21, Messari founder Ryan Selkis said that the lawsuit between Ripple Labs and the U.S. Securities and Exchange Commission (SEC) is an overreach by the regulator and he expects a positive resolution for Ripple Labs.