XRP Price Analysis: Bullish Chart Pattern Ignites a 32% Upswing
XRP Price Analysis: Responding to the stagnant behavior of crypto market leaders Bitcoin and Ethereum, the XRP coin shows sloppy price action above the $0.672 support. The daily candles with short bodies and longer wicks on either side indicate uncertainty among market participants. However, despite a highly volatile sentiment the coin price respects the formation of a pennant pattern. Here’s how this pattern could influence the future projection of XRP price.
Also Read: XRP Lawyers, Coinbase CLO Share Significance Of Judge Torres’ Ripple Ruling
XRP Price Daily Chart:
- The XRP price trading above daily EMAs (20, 50, 100, and 200) indicates the buyers hold multiple support to maintain a bullish trend.
- A bullish breakout from the pennant pattern could set the XRP price for a 32% upswing.
- The intraday trading volume in the XRP is $1.297 Billion, indicating a 22.12% gain.
Source: Tradingview
After the July 13th rally, which registered 73% intraday in the XRP coin, the price action went sideways and formed the pennant pattern. For nearly three weeks this altcoin resonated between two converging trendlines.
By the press time, the fifth largest cryptocurrency XRP trades at $0.699, and is close to the peak of the triangle structure. The narrow range available within the triangle indicates the XRP price is poised for a decisive breakout.
The pennant pattern is known as a bullish continuation pattern and therefore the prices are more likely to break the overhead trendline. An upside breakout with daily candle closing will offer buyers a solid foothold to push the XRP price higher.
The post-breakout rally could drive the prices 21ekm.5% higher to challenge the $0.85, followed by $0.92.
[converter id=”xrp-xrp” url=”https://coingape.com/price/converter/xrp-to-usd/?amount=1″]
Can XRP Price Prolong Correction Phase?
If the market sentiment continues to show weakness, the XRP price could break the lower trendline of the triangle. This breakdown will increase the selling pressure and hint at the extension of the correction phase. With sustained selling, the coin holders can find suitable support at $0.63 and $0.56.
- Directional moving index: The DI+(blue) and DI-(orange) slope closing in for a bearish crossover hints at the weakness of bullish momentum.
- Exponential Moving Averages: The rising 20-day EMA support could give additional push to breach the above trendline.
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