XRP Price Prediction: Key Levels to Watch As $XRP Sees 30% Breakout Rally
XRP Price Prediction: The fifth largest cryptocurrency XRP has been highly volatile for the past two months projecting no dominance from buyers or sellers. Despite making notable price movements to show no commitment to a particular direction. However, this sideways action has adhered to two converging trendlines which indicates the formation of a symmetrical triangle pattern. Here’s how this pattern may influence the near future trend of XRP.
Will XRP Price Return on Recovery Track?
- Under the influence of a triangle pattern, the XRP price may prolong the sideways trend.
- The market participants may witness renewed buying pressure at the lower trendline of the pattern.
- The intraday trading volume in the XRP is $779 Million, indicating a 29% loss.
The 2023 recovery in XRP price can be tracked using an ascending trendline which offers dynamic support to buyers. During major market corrections, the investors have shown strong buying activity at this support, reflecting signs of a sustainable recovery.
Amid the broader market sell-off on January 3rd, the XRP price showed a long-tail rejection at this support, projecting the buying activity is intact. On the other hand, the daily chart shows a downsloping resistance trendline is preventing this altcoin from attaining a prolonged correction.
These two converging trendlines shows indicate the formation of a symmetrical triangle pattern.`By the press time, XRP price trades at $0.56 with an intraday gain of 0.23%. Amid the current uncertainty in the market, the coin price may dive another 10-12% to revisit the lower trendline.
Anyhow, the XRP price may prolong a sideways trendline until the chart pattern is intact.
Where’s XRP Price Heading in January?
For XRP price to resume the recovery trend it needs a bullish breakout from the triangle pattern. Should buyers break the overhead trendline, they may obtain suitable support to drive a directional trend. The post-breakout rally maybe 30% from the current trading price to hit $0.73, followed by $0.93.
On a contrary note, a breakdown below the triangle could push the altcoin below the $0.4 mark.
- Relative Strength Index: The daily RSI slope at 35% accentuates a bearish sentiment for these assets.
- Bollinger Band: A downswing in the lower boundary of the Bollinger Band indicator shows the sellers are gaining momentum for further downfall.
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