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- A small wave is approaching a breakout of the descending wedge pattern:
Similar to Ethereum, Ripple is facing difficulty near the resistance trendline connecting its highs on November 13 and December 9, around $1.90. This trendline completes the descending wedge pattern on the daily chart, with the converging support trendline connecting its lows on October 17 and November 4.
If XRP closes above $1.90 on the daily chart, it could confirm a bullish breakout and extend the rally to the 50-day exponential moving average at $2.05.
The Relative Strength Index (RSI) is at 42 on the daily chart, maintaining a broad bullish trend after bouncing from the oversold zone on December 18. This indicates a waning bearish grip on XRP, and moving above the midline would signal renewed buying pressure.
Additionally, the MACD indicator remains in buy mode following the crossover on Saturday, while the consecutive green histogram bars suggest increasing bullish momentum.
Daily XRP/USDT price chart.
Looking downward, if XRP bounces from the $1.90 level, it may test the S1 pivot point at $1.79, followed by the support trendline at $1.68.