A 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
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