Ripple (XRP) Price Prediction: XRP Consolidates Inside Symmetrical Triangle With Positive Bias

By Rekha chauhan
February 28, 2022 Updated February 28, 2022
Best In

Earn

Telegram

XRP

Ripple’s (XRP) price finds some foothold near $0.70 as the fresh trading week begins. But XRP moves in a very tight range of $0.70 and $0.73 with no significant movement. The current price action suggests investors are looking for a catalyst to set further directional bias.

  • Ripple (XRP) edges higher on Monday with minute gains.
  • A decisive close above $0.80 will continue with upside momentum.
  • Momentum oscillators remain neutral indicating a continuation of sideways momentum.

At the time of writing, XRP/USD is trading at $0.72, up 0.79% for the day. The 24-hour trading held at $2,812,944,926 marking gains of 26% as per the CoinMarketCap.

XRP stick to modest gains on the daily chart

Source: Trading View

Ripple (XRP) has been moving inside the ‘Symmetrical triangle’ since February 3. XRP enters into consolidation in late January and surged 65% to touch the tops of $0.91. But investors fail to maintain the momentum and retreated toward $0.68.

The current price action offers some exciting buying opportunities near the stable support level. A continued buying pressure could push XRP price to retest the highs of $0.79 made on February 26. This also coincides with the descending trend line of the symmetrical triangle.

A decisive close above the mentioned level would further keep its eye on the critical 200-EMA at $0.87. This move would constitute a 20% ascent, and the XRP is more likely to move toward $0.92 to collect the liquidity.

On the flip side, a lower breakout of the price would invalidate the bullish outlook for the asset with the interim support near $0.62.

Technical Indicators:

RSI: The Daily Relative Strength Index (RSI) hovers below the average line while reading at 47.

MACD: The Moving Average Convergence Divergence (MACD) trades below the mid-line with a neutral bias.

 

Rekha has started as Forex market analyst. Analyzing fundamental news and its impact on the market movement. Later on, develop an interest in the fascinating world of cryptocurrency. Tracking the market using technical aspects. Exploring on-chain analysis to track the market.
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.

Next Story