XRP Price Analysis: Accumulation at Crucial Support Sets XRP Price for a Quick 8% Rise
XRP Price Analysis: Over the past five days, the XRP price has been trading sideways with no strong commitment from buyers or sellers. During this consolidation, the coin has formed a narrow range between $0.433 and $0.408 level, showcasing uncertainty with long-wick candle rejection on either side. However, in the shorter time frame chart, the XRP price shows the formation of a bullish pattern setup called Ascending triangle indicating a possibility of a potential upswing.
Key Points:
- Completion of the ascending triangle pattern will release the XRP price from ongoing consolidation.
- A breakdown below the support trendline triangle pattern will prolong the correction phase.
- The intraday trading volume in the XRP is $340.5 Million, indicating a 45% loss.
Source- Tradingview
The falling XRP price halted at aligned support of $0.41 and support the trendline of the channel pattern. After a retest to this lower trendline, the prices are more likely to witness a bullish swing which may retest the upper trendline.
However, with the uncertainty among market participants, the XRP price is sideways and shows the formation of an ascending triangle pattern. Under the influence of this pattern, the rising support trendline is uplifting the price higher to surpass the next neckline resistance of $0.44.
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By the press time, the XRP price trades at $0.426 with an intraday gain of 0.47%. Thus, a potential breakout from $0.44 will push the coin out of indecisive sentiment and surge it by 8% to challenge the above trendline.
However, for buyers to obtain a better confirmation for a recovery rally, the XRP price needs to breach the resistance trendline of a channel pattern.
Technical Indicator
Relative Strength Index: The RSI slope in the 4-hour shows an evident growth indicating the accumulating is aggressive at this consolidation.
Bollinger Band: Along with a $0.44 breakout, the XRP price will also challenge the upper band of the BB indicator, suggesting an entry opportunity for momentum traders.
XRP Coin Intraday Price Levels
- Spot price: $0.426
- Trend: Bullish
- Volatility: High
- Resistance level- $0.43 and $0.485
- Support level- $0.42 and $0.38
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