XRP Breaks Year-Long Falling Channel, but Ichimoku Cloud Remains Major Hurdle

XRP has broken above a falling channel that controlled its price for about a year, but it still needs to clear key resistance from the Ichimoku Cloud before the long-term trend can turn bullish.

The breakout has improved XRP's mid-term chart structure, with the cryptocurrency currently trading at $1.5138 and sitting between several important technical levels.

The Ichimoku Kinko Hyo indicator shows that short-term momentum and the medium-term trend are currently balanced, with both the Tenkan-sen and Kijun-sen lines sitting at $1.3426.

XRP has moved above both lines, which now provide support, and its position is cautious to neutral as it still faces resistance before it can confirm a new uptrend.