Bullish Pattern Breakout Set XRP Price For 30% Rise
The sudden buying pressure in the crypto market encourages XRP price for a bullish breakout from the flag pattern. This pattern consists of a bull rally market by a long pole and a minor correction face between two downsloping trendlines. Thus, the technical step-up offers a directional rally target the same distance as the length of the pole.
Key points:
- Low volume retest to the breach trendline indicates the traders are betting on long position trade.
- The crucial EMAs(20, 50, 100, and 200) trading above the coin price creates multiple resistance against a price rally.
- The intraday trading volume in the XRP price is $807 Million, indicating a 27% loss.
Source- Tradingview
Amid the recent uncertainty in the crypto market, the XRP coin showed a minor correction from the $0.41 resistance. However, the daily technical chart revealed this minor pullback was a part of a flag pattern.
In theory, this bullish continuation showcase a minor retracement between the two downsloping trendlines. This correction phase absorbs the excessive buying pressure and prepares buyers for the next bull run.
With the recent less-than-expected CPI data, the crypto market witnessed a sudden buying pressure on December 13th. As a result, XRP price jumped 3% and gave an upside breakout from the patterns resistance trendline.
By press time, the XRP trades at the $0.39 mark and shows a retest to the breached trendline. Furthermore, a long-tail rejection attached to the daily candle with decreased volume indicates price sustainability above the new flipped support.
Therefore, a post-retest rally may drive the price 30% higher to the $0.5 mark.
On a contrary note, a daily-candle closing below the breached trendline will undermine the bullish thesis.
Technical Indicator
EMAs: along with the pattern breakout, the XRP price pierced the 20-day EMA slope this reclaimed Ema will act as suitable support bolstering the potential price recovery rally.
MACD: the rising MACD and signal line shows gradual growth in bullish momentum. Moreover, the buyers will gain additional confirmation for price recovery if these slope jump above the neutral line.
XRP intraday price levels
- Spot price: $0.39
- Trend: Bearish
- Volatility: High
- Resistance level- $0.41 and $0.44
- Support level- $0. and 0.32
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