XRP Price Faces Resistance in Descending Channel, Potential Upside Targets Include $0.75 and $1.3

The XRP price is battling to breach a persistent descending channel that has plagued it since early November, with its next crucial price target sitting at the $0.7529 territory.

EGRAG, a top market analyst, first called the public’s attention to the recent price movements. The provided chart presents XRP’s upswings and declines from August. Data confirms that XRP has been on an uptrend since then despite recording occasional dips.

XRP’s Descending Channels

Notably, the chart shows two descending channels that have attempted to invalidate this uptrend. The first descending channel, DC A, formed when XRP collapsed from the July highs. Recall that XRP spiked to $0.93 on July 13 following the favorable ruling in the SEC case.

However, XRP dropped from this local top, registering an aggressive correction that resulted in a major downtrend. XRP eventually plummeted to a low of $0.4603 on Sept. 11, representing a 50% drop from the $0.93 high.

Due to the persistent retracement, the first descending channel formed fully. However, data from EGRAG’s chart suggests that XRP recorded a breakout from the descending channel A when it rallied past $0.58 in late October.

After breaking out of the first channel, XRP sustained its uptrend, surging to a high of $0.7326 on Nov. 6. Nonetheless, the coin recorded another slump. As it continued to correct the earlier surge, a second descending channel, dubbed DC B, formed.

XRP has been trading within this descending channel B for a month as it failed to capitalize on the latest market-wide resurgence led by Bitcoin (BTC). While assets such as BTC and Ethereum (ETH) are making big moves, XRP has been rising slowly.

XRP Price Targets $0.7529 to $1.3

This slow XRP price increase might be discouraging to market participants, but it has been enough to see XRP break above the second descending channel. However, this breakout does not come with full conviction. As XRP currently trades for $0.6451, it has dropped to retest the upper trendline of the channel.

EGRAG envisions a full breakout, which should take XRP to its next price target at $0.7529, currently sitting at the Fibonacci 0.5 level and, according to EGRAG, breaching this Fib. 0.5 point is crucial in XRP’s short-term journey, as it would signal a switch from a downtrend to an uptrend.

The analyst asserted that if XRP breaks past $0.7529, it would start an upward momentum, triggering a resurgence of confidence among investors. He noted that XRP could leverage the $0.7529 point as a launchpad to aim for the $1.3 – $1.5 price region.

Meanwhile, XRP is trading flat today, with a current price of $0.6451. The crypto asset’s recent push above $0.65 met fierce resistance. After conquering $0.65, XRP still needs to breach the resistance points at $0.6626, $0.6833, and $0.7128 before reaching $0.7529.