NewsletterA Bullish Pattern Emerged In Ripple’s (XRP) Price Chart; Buy Now?
The fast-recovering XRP price is close to a bullish breakout from the $0.4 resistance under the influence of the double-bottom pattern. This potential breakout may encourage buyers to lead a significant recovery. But will they break the formidable resistance of $0.466?
Key points:
- The $0.4 breakout should open a 13.5% growth opportunity for XRP holders
- The 50-and-100-day EMAs are on the verge of a bearish crossover
- The intraday trading volume in the XRP is $2.3 Billion, indicating a 16% gain.
Source- Tradingview
The ripple coin price went sideways after the recent sell-off in the crypto market plunged it to $0.32 support. However, amid this later walk, the altcoin rebounded from the mentioned support twice, indicating the buyers are actively defending this level.
So far, the bullish reversal from $0.32 support has driven the XRP price 22.57% higher to hit the local resistance of $0.4-0.39. Furthermore, the ongoing consolidation showed the formation of a double-bottom pattern in the daily chart.
Also read: XRP Lawsuit: Blockchain Association Files Amicus Brief
This bullish pattern is quite famous for trend reversal and ignites a significant bull run. Thus, in response to the aforementioned pattern, the XRP pierce should breach the neckline resistance of $0.4.
A bullish breakout from the $0.4 triggers the double bottom pattern and offers suitable support for buyers to lead a recovery rally. Thus, this development should surge the altcoin 13.5% higher to the $0.446 mark.
On a contrary note, if the coin buyers fail to surpass the $0.4 mark, the ongoing consolidation will extend for a few more sessions.
Technical Indicator
EMAs: An flattish crucial EMAs(20, 50, and 100) highlight a sideways trend for XRP price. Moreover, these EMAs accumulated at $0.436 gives an additional barrier against a bullish recovery.
Relative Strength Index: The daily-RSI slope shows a bullish divergence concerning the double-bottom pattern formation. This divergence bolsters the bullish theory to reclaim $0.4.
XRP intraday price levels
- Spot price: $0.39
- Trend: Bullish
- Volatility: Low
- Resistance level- $0.4 and $0.46
- Support level- $0.35 and 0.328
- Crypto Lawyer Bill Morgan Praises Ripple’s Multi-Chain Strategy as RLUSD Hits $1.1B
- Michael Saylor Teases New Bitcoin Buy As ‘Orange Dots’ Return
- December Recovery Ahead? Coinbase Outlines Why Crypto Market May Rebound
- Peter Brandt Hints at Further Downside for Bitcoin After Brief Rebound
- $1.3T BPCE To Roll Out Bitcoin, Ethereum and Solana Trading For Clients
- Ethereum Price Holds $3,000 as Bitmine Scoops Up $199M in ETH; What Next?
- Solana Price Outlook Strengthens as Spot ETFs See $15.68M in Fresh Inflows
- Dogecoin Price Gears Up for a $0.20 Breakout as Inverse H&S Takes Shape
- Bitcoin Price Forecast as BlackRock Sends $125M in BTC to Coinbase — Is a Crash Inevitable?
- XRP Price Prediction As Spot ETF Inflows Near $1 Billion: What’s Next?
- Solana Price Outlook: Reversal at Key Support Could Lead to $150 Target
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
Premium Partners
