XRP Price Analysis: On June 19th, the ongoing bullish recovery in XRP price gave an upswing breakout from $0.487 resistance. This breakout should offer buyers another setup stone to prolong the bullish recovery and reclaim the lost ground. Currently, the altcoin is trading at $0.49 and trying to sustain above the breached resistance. Can this recovery surpass the multi-month resistance of $0.55?
Also Read: XRP Was Marked For Death, Says Bitcoin Maxi; XRP Lawyer, Ripple CTO Replies
Over the past few days, the XRP price has been wavering above the recently reclaimed $0167 resistance. During this consolidation, the daily candles showed some long tail rejections indicating the buyers are actively defending the new flipped support.
If the bullish momentum persists, the XRP price is likely to surge 9.6% and rechallenge the $0.55 resistance. Thus, the aforementioned multi-month resistance is also the neckline resistance of the triangle pattern, and therefore it stands as a high supply zone against buyers.
Until the overhead resistance and rising trendline are intact, the XRP price would continue with its sideways trend.
In the daily time frame chart, the XRP price shows the formation of an ascending triangle pattern. This pattern gradually increased the underlying bullish momentum and set the asset for a breakout above neckline resistance. Thus, potential investors waiting for any entry opportunity could enter at the rising trendline or for more convicting wait for $0.55 breakout.
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