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The Ripple(XRP) rally experienced an occasional correction from $0.88 resistance, resulting in an 8.5% decline. However, the coin price rebounded from the upcoming support trendline, bolstering a cup and handle pattern formation. Can buyers breach the $0.88 resistance under the influence of the cup and handle pattern?
Key points:
- The 50-day EMA provides constant support to the XRP price
- The intraday trading volume in the XRP is $2.07 Billion, indicating a 57.6% loss.
Source- Tradingview
The Ripple(XRP) presented a V-shaped recovery as the coin price bounced back from $0.7 support on March 4th. The buyers led a choppy but steady bull run which breached the $0.8 local resistance.
The follow-up breakout bolstered the buyers for another leg-up, which drove the altcoin 10% to its previous swing high of $0.88. On March 28th, the buyers tried to pierce this overhead resistance, accompanied by a significant rise in volume activity.
However, the sellers reverted the price with the same force and thrust a candle closing below the $0.88 mark. The bears tried to follow up on the rejection and pull the price lower, but the flipped support levels of $0.8 restrict them from further decline.
A potential reversal could push the altcoin back to $0.88 resistance and reveal the formation of a cup and handle pattern. A successful breakout would trigger the bullish pattern and encourage further recovery in price.
Alternatively, If the sellers breach and provide closing below the dynamic support trendline, the altcoin would revisit $0.7 support.
Technical Indicator
EMA– The XRP price resonates between the 50-and-200-day EMA. a genuine breakout from either of these EMAs would offer additional confirmation for the next rally.
Vortex Indicator– The coin price gradually rises towards the $0.88 resistance, preventing a bearish crossover among the VI+ and VI– slope. The increasing gap between these lines would emphasize the growing bullish momentum.
- Resistance level: $0.88-$0.90 and $1
- Support levels: $0.8 and $0.7
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