XRP Price Stuck in Triangle Pattern
Despite recent price fluctuations, XRP, the sixth largest cryptocurrency, remains stuck in a sideways trend within the boundaries of a triangle pattern. This lack of significant movement indicates a lack of direction from both buyers and sellers. As a result, those interested in XRP are eagerly waiting for a breakout from the triangle pattern to get confirmation of the potential trend.
XRP Price Consolidation Expected
- The influence of the triangle pattern suggests that the XRP price may continue to consolidate this week.
- The 100-day EMA slope is providing strong support to buyers during pullbacks.
- The intraday trading volume for XRP has increased by 30%, reaching $1.39 million.
Source: Tradingview
Last week, amidst a bullish market, the XRP price showed a rejection candle at the support trendline of the triangle pattern. This rejection indicates that buyers are still accumulating during minor pullbacks, which is a positive trend during an uptrend.
This bullish reversal has pushed the coin up by 4.8%, with its current trading price at $0.625. However, as the range within the triangle pattern narrows, an inevitable breakout will occur, triggering the next directional move for XRP.
The possibility of a Bitcoin exchange-traded fund (ETF) gaining approval in the United States is increasing, which is driving a bullish sentiment in the market. This also raises the potential for XRP to break out of the triangle pattern on the upside and release accumulated bullish momentum.
If this happens, the XRP price is likely to target $0.7, followed by $0.75 and $0.83.
On the other hand, a breakdown below the triangle pattern would invalidate the bullish thesis.
XRP vs BTC Performance
In comparison to Bitcoin, XRP seems to be underperforming in the current bullish market. While Bitcoin shows an uptrend with occasional pullbacks, XRP’s short-term trend has turned sideways, indicating lateral price behavior.
- Supertrend: The daily chart suggests that sellers dominate, preventing XRP from benefiting from the current recovery trend.
- Exponential Moving Average: The 20-day and 50-day EMA are relatively flat, indicating a sideways sentiment in XRP.
Hot Take: XRP Price Waits for Triangle Breakout
The XRP price remains in a holding pattern within a triangle formation, lacking clear direction. While buyers continue to accumulate during pullbacks, a breakout from the triangle is needed to confirm the next potential trend. The increased trading volume and the possibility of a Bitcoin ETF approval contribute to the bullish sentiment. However, underperformance compared to Bitcoin and the dominance of sellers pose challenges for XRP. Keep an eye out for a breakout from the triangle pattern, which will determine the future movement of XRP.
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