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XRP, the fifth-largest cryptocurrency, has been underperforming in comparison with the general bullish sentiment in the recovered market. While a majority of major cryptocurrencies showed significant growth in late November to early December, the XRP price showed a bullish upswing within the range of a symmetrical triangle pattern which led to a midterm sideways trend. While this consolidation may indicate an uncertain sentiment, the pattern may assist in providing some insight into the near-term future.
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Can Triangle Pattern Renew Recovery Trend?
- The daily candle with long-tail rejection hints at renewed buying pressure within a triangle pattern
- A bullish breakout from the triangle is needed to trigger a directional recovery.
- The intraday trading volume in the XRP is $1.39 Million, indicating a 30% gain.
The second week of December has been highly volatile for a majority of major cryptocurrencies as the Bitcoin price reverted down to $44,500. This Lack of bullish momentum took a significant toll on XRP as it dropped from $0.7 to $0.59, registering a 15.36% loss.
However, the correction has stalled at the lowest upper trendline of a symmetrical triangle pattern, reflecting renewed buying pressure from below. If the coin price continues to follow the path of this chart setup, the XRP price would surge another 9% to hit the upper tendon and continue its ongoing sideways trend.
However, the near-term projection for XRP price is currently sideways and may remain so until the 2 converging trendlines of the patterns are intact. Having said that, the historical bullish sentiment of Christmas and New Year could bolster this altcoin for a bullish breakout from the upper trendline.
This breakout could surge the prices by 36.3% from the current trading price to hit $0.83.
Will XRP Price Correction Break Below $0.6?
If the market correction strengthens, the XRP price may witness a bearish breakdown from the lower trendline, which would offer sellers an additional barrier to pressurize buyers. The post-breakdown fall could plunge the prices by 12-15% to revisit the lower trend line around $0.53.
- Bollinger Band: A flattish lower boundary of the Bollinger Band indicator offers additional support to buyers.
- Average Directional Index: The continuous drop in ADX slope reflects the weakening of bullish momentum.
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