XRP Price Analysis: Will $XRP Price Reclaim $1 Milestone Before July End?

XRP Price Analysis: The XRP price recovery rally recently turned down from the $0.93 barrier and witnessed a sharp correction. The exhausted bullish momentum plunged the coin price 28% down to the $0.069 mark and switched to sideways action. However, the consolidation phase limited between two converging trendlines indicates the formation of a bullish continuation pattern called pennant. Here’s how interested can ride the next leap in XRP.

Also Read: Crypto Exchange Gemini Teases Hint Of XRP Relisting Soon

XRP Price Daily Chart:

• A bullish reversal from the lower trendline suggests the XRP price may prolog sideways action for a few more days
• An upside breakout from the overhead trendline will set the altcoin for a 25% upswing.
• The intraday trading volume in the XRP is $1.5 Billion, indicating a 32.1% loss.

Source: Tradingview

The XRP price shows the formation of a pennant pattern in the 4-hour time frame chart. This chart setup is considered a continuation pattern, indicating that the prevailing trend is likely to continue after a period of consolidation.

The coin price rebounded twice from the upper trendline and thrice from the lower indicating this pattern’s strong influence on market participants. Therefore, the short-term sideways trend in XRP price will persist, until the two trendlines are intact.

By the press time, the XRP price trades at $0.77 and is trying to obtain another support from the lower trendline. Thus, interested traders can wait for a breakout above the pattern’s resistance trendline before taking a long position in the market.

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Will XRP Price Surpass the $1 Ceiling?

The narrowing range of the triangle pattern will soon lead the XRP price toward a breakout opportunity. With the anticipated bullish breakout, the 4-hour candle closing above the overhead trendline will hint at the replenished bullish momentum and prolong the recovery rally to the $1.08 mark. If the breakout triggers this weekend, the XRP buyers will have sufficient time to reach the target before July End.

On a contrary note, a breakdown below the lower trendline will offset the bullish thesis.

• Fibonacci Retracement Level: Amid the current correction, the XRP price showing sustainability above the 50% FIB level suggests the overall trend is bullish.
• Relative Strength Index: The daily RSI slope at 50% indicates a neutral sentiment among market participants.