The price of Ripple (XRP) has shown its bullish side again in recent days and is rising in value by double digits.

After a price consolidation in the first half of May, the price of Ripple (XRP) is currently making a run towards its high for the year. In addition to a positive news situation, due among other things to the publication of the Hinman protocols and a mysterious footnote in a legal document, the chart is also looking increasingly bullish. The latest attempt to break out above the red downtrend line that delimits the price caused the XRP price to rise to a new monthly high this week.

In a weekly comparison, Ripple is one of the top performers among the 100 largest altcoins with a price gain of 12 per cent. If the buy side now manages to stabilise above 0.48 US dollars after a failed breakout at the end of March, the probability of a bullish trend movement in the coming period will increase further. The fact that Ripple CEO Brad Garlinghouse expects a timely decision in the smouldering SEC proceedings seems to further fuel the price fantasy.

Ripple: Bullish price targets for the next weeks Bullish price targets: 0.51 USD, 0.55 USD, 0.59 USD, 0.65 USD, 0.69 USD, 0.75/0.78 USD, 0.86/0.89 USD, 0.94/1.00 USD

Since the price breakout above the horizontal resistance level at USD 0.48 at the beginning of the week, the XRP price has spiralled northwards by 10 percent at the peak. If Ripple does not slip below the broken downward trend line again and confirms its breakout movement of the previous days, a march through in the direction of the make-or-break level at 0.55 US dollars can be planned.

If the bulls do not fail again here and overcome this price level at the end of the day, the focus will shift to the high for the year around the overriding 38 Fibonacci retracement at 0.59 US dollars. If the buy side can make a breakout here, the trend movement should gain further momentum. Ripple could then take off with an intermediate stop at the high from May 2022 at 0.65 US dollars to at least 0.70 US dollars. Even a direct price rise to the medium-term rise target between 0.75 US dollars and 0.78 US dollars would be conceivable. Initial profit-taking should be planned in this area.

If the resist zone is also overcome, the chart picture will brighten further. As a result, the XRP price should pick up speed in the direction of its previous year's highs around 0.89 US dollars. If Ripple also breaks through this overarching price target in the long term, a further price jump to the maximum derivable target zone between US$0.94 and US$1.00 can be expected from a chart perspective.

Ripple: Bearish price targets for the coming weeks Bearish price targets: 0.48 USD, 0.44 USD, 0.42/0.40 USD, 0.38 USD, 0.35 USD, 0.33 USD, 0.31/0.29 USD

The bears only reached their minimum target this month with a sell-off to the USD 0.42 level. The bulls were recently able to successfully parry a sustained sell-off below the EMA200 (blue). The trend movement from higher lows remains intact for the time being. However, as long as Ripple does not form a higher high, there are still chances for the sellers' camp to send the XRP price south in the traditionally weak stock market month of June. For this to happen, Ripple must first break back below the support area at 0.48 US dollars.

Only when the XRP price gives up the support bundle of the EMA200 and the super trend at 0.44 US dollars, however, will the chances of a renewed corrective movement increase. Then a medium-term directional decision would be made in the zone around the monthly low at 0.42 US dollars. As a result, Ripple is likely to weaken through the yellow support zone between US$0.40 and US$0.38 towards the March price lows at US$0.36.

The important bearish target area would thus have been worked through. If, in the course of an overall market weakness in the second half of the year, the bears also succeed in penetrating this area, the XRP price will extend its downward movement directly to the purple support zone. In order to avert a sell-off back towards the year's lows, the bulls will have to counter this at 0.35 US dollars. However, if a break of US$0.33 occurs, Ripple is likely to fall to the area around its key supports of the past 12 months between US$0.31 and US$0.29.

A look at the indicators Both RSI and MACD indicators are showing solid buy signals in the daily chart. However, the RSI looks overbought in the short term, which is why another breath of air may be necessary to rise towards the high for the year. Both indicators also show stable long signals in the weekly chart, which further increases the chance for a rising Ripple price in the coming weeks.