Reasons XRP Price Might Skyrocket Above $6 Soon
Highlights
- The formation triangle pattern leads to long-coming sideways action in XRP.
- A confluence of ascending trendline and horizontal support at $0.46 created a major reversal point for buyers.
- The intraday trading volume in the XRP is $430.9 Billion, indicating a 14% loss.
Over the past week, the XRP price has been trading sideways, consistently hovering above the multi-year support trendline of the triangle pattern. However, it is currently trading above the multi-year support level of around $0.46. The daily chart displays neutral candles, indicating a lack of clear direction from buyers or sellers. Nevertheless, following Bitcoin’s rebound from $60,000, the broader altcoin market has gathered momentum, suggesting a potential recovery. This raises the question: can XRP leverage this momentum to achieve higher price levels?
Also Read: Ripple XRP Case: Lawyers On Final Ruling Date, Odds Of Appeal & Settlement
XRP Price Eyes Major Bull Run From Triangle Breakout
The current downward trend in XRP began in early March, with the price dropping from a high of $0.74. This bearish shift resulted in a 36.8% decrease, bringing the asset’s value down to $0.477 and reducing its market cap to $26.64 billion.
However, a look at the daily chart shows this bear cycle is part of a well-known continuation pattern called a symmetrical triangle. Under the influence of this pattern, the asset price tends to resonate within two converging trendlines to restore momentum for a particular direction.
If the trend continues, the XRP price, currently positioned just above the pattern’s lower trendline, may experience increased buying interest. A potential turnaround could boost the price by 35%, aiming to reach the overhead trendline at approximately $0.63.
Should XRP break out from the triangle pattern, it would mark the end of the ongoing consolidation phase and amplify the bullish momentum. With sustained buying, the post-breakout rally could surpass the $2 barrier.
Also Read: Popular Analyst Predicts BTC Price Reversal After A Dip To This Level
Moreover, the Renowned trader EGRAG CRYPTO recently shared an optimistic analysis for XRP on social media, projecting a minimum price target of $6.4.
#XRP From Here To Here – Minimum Target: $6.4
With all the saga in the last couple of weeks, the monthly time frame candle formation is closing above Fib 0.236. This is simply a natural consolidation! 📈
Next target:🎯 Fib 0.5! Flip it with conviction, and then we fly to Fib… pic.twitter.com/SZzrwZeXxU
— EGRAG CRYPTO (@egragcrypto) June 30, 2024
The trader highlights that despite recent market fluctuations, XRP’s monthly candle is set to close above the Fibonacci 0.236 level, interpreted as a sign of natural market consolidation.
Looking ahead, EGRAG CRYPTO suggests that the next significant target for XRP is the Fibonacci 0.5 level. With strong market conviction, they believe flipping this target could pave the way for XRP to reach the Fibonacci 1.618 level at $6.4.
The renewed buying interest in the broader market and the result of a long-running legal battle between Ripple and SEC will be major contributors to XRP price reversal.
Technical Indicator:
- BB Indicator: The downtick in the lower boundary of the Bollinger Band indicator indicates the seller’s strong influence on the market movement in XRP.
- Moving Average Convergence Divergence: Multiple crossovers between the MACD (Blue) and signal (orange) line accentuate a near-term market sentiment as neutral.
Frequently Asked Questions (FAQs)
1. What is the MACD Indicator?
2. Use of the Fibonacci retracement level(FIB) ?
3. What is a Symmetrical Triangle Pattern?
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