Triangle Pattern Indicates a Rebound to $0.7
Under the influence of a symmetrical triangle pattern, the XRP price may continue to trade sideways in the coming week. The fact that the XRP price is trading above the 50% Fibonacci Retracement Level indicates that the overall recovery trend is still intact. However, the intraday trading volume in XRP has decreased by 15%, currently standing at $865 million.
Over the past two weeks, the XRP price has been trading within a symmetrical triangle pattern. This pattern has acted as a significant influence on market behavior, with the cryptocurrency bouncing back from its trendlines twice already. Recently, the XRP price has experienced a modest increase of 0.6% and rebounded from the lower boundary of the pattern, currently hovering around $0.606. However, it is expected to encounter resistance at the upper boundary of the triangle.
While this resistance may prolong the sideways trend, eventually, there will be a breakout move due to the converging nature of the pattern. If recent corrections have revived bullish momentum, an upward breach of the triangle’s upper trendline could continue the recovery trend and push the XRP value up by 12% to reach $0.7.
Support Trendline Keeps Long-Term Trend Bullish
The prevailing trend for XRP is bullish, but if there is a downward break through the triangle’s support line, it could lead to increased selling pressure and trigger an extended correction phase. In this scenario, the XRP price could decline to $0.57 and possibly even further to $0.53. However, taking a broader perspective reveals a long-term ascending trendline that has consistently provided support for XRP. This presents buyers with a favorable opportunity to buy the dip.
- Exponential Moving Average: The fact that the XRP price is wavering around the 200-day EMA slope suggests indecisiveness among traders.
- Moving Average Convergence Divergence: A bullish crossover between the MACD and signal line indicates rising buying pressure during the current correction trend.
Hot Take: XRP Price Could Rebound to $0.7
The XRP price is currently trading within a symmetrical triangle pattern, indicating a period of sideways movement. However, there are signs of a potential rebound, with the XRP price recently bouncing back from the lower boundary of the pattern. While there may be resistance at the upper boundary of the triangle, if bullish momentum continues, there is a chance for an upward breakout. This could propel the XRP value by 12% to reach $0.7. On the other hand, if there is a downward break through the support line of the triangle, it could lead to a prolonged correction phase. Overall, the long-term trend for XRP remains bullish with dynamic support from an ascending trendline.”
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