XRP Price Prediction: Flag Formation Awaits A Bullish Breakout Above $0.80
XRP price took a breather after the previous session gains. The pair continued to trade in a very tight range with low volumes. The downside for the pair is capped near the $0.67 level.
- XRP price trades in a very tight range with no meaningful action.
- A decisive close above $0.80 will see more gains.
- The price awaits a bullish breakout inside the flag formation.
As of writing, XRP/USD is trading at $0.79%, up 0.09% for the day. The sixth-largest cryptocurrency by market cap holds a 24-hour trading volume at $2,221,752,114 according to the CoinMarketCap.
XRP price set to move higher
On the daily chart, the XRP price is trading inside the ‘bullish flag’ pattern since over a month. The price rallied 25% in three days starting from February 7. Further, the price consolidates along with converging trendlines while making highs and lows inside the channel boundaries.
XRP price pierced above the crucial 50-day SMA (Simple Moving Average) at $0.75 on March 11 and continued to contain the support level. As a result, bulls make sustained moves toward the upper trendline aiming for $0.82 next.
Next, the upside filter could be found at the crucial 200-day SMA at $0.84. An acceptance above the mentioned level will see $0.87 on the bull’s radar.
Trading volumes have been rising along with the increase in prices.
On the flip side, a daily close below the session low will continue with the consolidation. Further, if the price slice the 50-day moving average this could result in the acceleration of the downside toward $0.73.
Technical indicators:
RSI: The daily Relative Strength Index oscillates near the average line. Currently, it reads at 55 with a positive bias.
MACD: The Moving Average Convergence trades above the midline with bullish momentum.
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