The XRP price is currently trading within a descending channel forming on the daily charts that features a falling support and a dynamic resistance. After hitting the bottom trendline of the channel pattern, a rebound price rally is likely, with the XRP price poised to rise 8% if the immediate resistance is broken. For now, the coin’s price is hovering under the 200-day EMA and $0.43 level, and a close above the same could see XRP surge to the upper trendline of the descending channel. The 20-day EMAs are also lined up close to the currently existing resistance, and a breakout above, with decent volumes, should ignite XRP’s potential rally. The RSI is slowly inching out of the oversold region, and as it hits that area, the XRP price could begin its recovery. Thus, if this convergence of indicators occurs, XRP will have the ability to move towards its 8% target, resulting in price increases in the upcoming days.



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