This Bullish Pattern Breakout May Surge XRP Price By 22.5%
In our previous price analysis, we revealed that the XRP coin price follows a rounding bottom pattern. This bullish pattern sets the market sentiment in an upwards direction, leading to a gradual recovery to a higher level. However, amid the ongoing uncertainty in the crypto market, the XRP price is wobbling in a short range. Nevertheless, this consolidation offers another entry opportunity for interested buyers.
Key points from XRP Price Analysis:
- The XRP price is wobbling in a no-trading zone
- The 50-and-100-day EMAs bullish crossover bring more buying order to the market
- The intraday trading volume in the XRP is $4.5 Billion, indicating a 123% gain.
Source- Tradingview
The XRP price witnessed a perpendicular growth in September’s third week, responding to the positive sentiment for the long-coming XRP vs SEC legal case. As a result, the altcoin reached a four-month high of $0.5523.
After such a sudden rally, the XRP price was bound to witness a correction and stabilize excessive buying activity. However, while the largest crypto currency-Bitcoin is wavering at $18300 support, many major crypto coins, including XRP, started resonating in a short range.
The XRP price has been sideways for nearly two weeks. However, the four-hour time frame chart has this consolidation as a pennant pattern. In theory, this pattern suggests the prices take a short break by consolidating between two converging trendlines until it replenishes the bullish momentum.
Thus, rising volume during the prior rally and decreasing volume during the consolidation accentuate the same theory. Therefore, the altcoin needs a bullish breakout from the overhead trendline with substantial volume to signal the resumption of the prevailing uptrend.
Doing so will surge the XRP price 10% higher to the first significant resistance at $0.52.
On the flip side, a breakdown from the pattern’s support trendline is possible, which may invalidate the bullish thesis.
Technical Indicator
ADX indicator: The ADX slope holding its ground at 34% reflects no weakness in bullish momentum.
MACD indicator: despite a bearish crossover, the MACD and signal didn’t spread out, indicating the buyers hold a firm grip over the coin.
- Resistance levels: $0.52 and $0.58
- Support levels: $0.44 and $0.382
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