XRP Price Analysis: On 16th June, the XRP price rebounded from a support trendline which has been carrying a sustained recovery for the past 100 days. The reversal initiated a fresh recovery which has surged the prices 7.66% higher to currently trade at $0.492. Amid this rally, the coin price has breached the immediate resistance of $0.487, providing an additional stepping stone to rise higher.
Also Read: XRP Price Stuck Under $0.5: Is It Time to Accumulate XRP Despite Price Doldrums?
Concerning the long-coming support trendline and $0.55 horizontal level, the XRP price shows the formation of an ascending triangle pattern in the daily chart. Under the influence of this pattern, the asset price developing new higher lows indicates gradual growth in underlying bullish momentum.
Amid the recent growth in the crypto market, the XRP price has rebounded from the support trendline and set a new bull cycle within the pattern. As of now, the prices are wavering above the recently reclaimed $0.487 horizontal trying to obtain suitable support.
If the buyers could sustain this level, the altcoin’s market value would rise 11% to hit the $0.55 barrier.
Under the development of an ascending triangle pattern, the XRP price is poised to hit the $0.55 barrier. However, a breakout above this barrier is less likely in the near term as buyers need more aggression to overcome this multi-month ceiling. Anyhow, as more trading days pass by, the coin price is likely to resonate and coil narrow within the triangle which may eventually break the $0.55 resistance.
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