Will $0.6 Support Bolster A New Recovery?
A rejection candle on December 18th shows demand pressure at the $0.6 support level. The breakout of the triangle pattern could lead to a rally in XRP. The intraday trading volume indicates a 30% gain.
XRP has been trading sideways for the past 7 weeks within a triangle pattern. However, this consolidation suggests that a breakout is imminent.
Today, with a 2.32% gain, XRP rebounded from the lower trendline of the triangle pattern. This reversal should lead to a 7.5% gain and a revisit of the upper trendline. Breaking either boundary of the triangle is necessary to escape the current sideways trend.
The XRP price is likely to breach the upper trendline, releasing buying momentum and causing a post-breakout rally that could surge the price by 26.55% to reach $0.84.
XRP vs BTC Performance
Over the past three months, XRP has underperformed compared to Bitcoin. While Bitcoin continues to show an uptrend, XRP has remained sideways. However, the ascending support trendline indicates that the overall uptrend for XRP is still intact.
- Bollinger Band: The flat boundary of the Bollinger band acts as additional resistance and support.
- Moving Average Convergence Divergence: The bullish crossover between MACD and the signal line in higher time frame charts suggests a bullish long-term outlook.
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Hot Take: XRP Poised for a Bullish Breakout
The recent rebound from the $0.6 support level and the potential breakout of the triangle pattern suggest that XRP is primed for a bullish rally. If the upper trendline is breached, it could lead to a significant surge in buying momentum and push the price higher by 26.55% to reach $0.84. Despite underperforming compared to Bitcoin in recent months, XRP’s ascending support trendline indicates that the overall uptrend is still intact. With additional indicators such as the Bollinger Band and Moving Average Convergence Divergence signaling potential support and a bullish long-term outlook, XRP shows promise for a recovery in the near future.
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