XRP Price Prediction: Moves Inside Symmetrical Triangle, A Breakout Toward $0.70 Is Coming?

By Rekha chauhan
March 10, 2022 Updated March 10, 2022
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XRP price extends the sideways movement with significant losses on Thursday. XRP continues to trade below $0.80 since March begins. The price could not sustain the recent ascent of 20% and crawl inside the ‘Symmetrical triangle’ formation from February 9.

  • XRP price trades lower with significant losses.
  • A breakout below $0.70 inside a Symmetrical triangle will trigger a new round of selling.
  • Momentum oscillators remain neutral warn of aggressive bids.

XRP price apparently broke away from the downtrend in February. However, the upside stalled at $0.91 with the formation of an ‘Evening star’ formation.

XRP price awaits breakout

Source: Trading View

On the daily chart, XRP price consolidates inside the ‘Symmetrical triangle’, a breakout is on the way to set further directional basis. If the price breaks the session’s low and gives a decisive lower close then more pain for XRP is visible on the charts. As it already remains pressured at 50-day EMA (Exponential Moving Average) at $0.7547.

A break of the crucial $70.0 will extend the sell-off toward the $60.0 horizontal support line.

On the flip side, a resurgence in the buying pressure could result in the upper breakout of the pattern. The first upside filter is placed at the crucial $80.0 level.

A continuation of the bullish pressure will next take out the highs made on February 9 at $0.91.

Technical indicators:

RSI: The daily Relative Strength Index slips below the average line with a bearish bias. Currently, it reads at 47.

MACD: The Moving Average Convergence Divergence hovers near the midline since March 1 with no clear direction.

OBV: The On Balance Volume indicates supply increases as price declines.

As of publication, XRP/USD is exchanging hands at $0.72, down 4.71% for the day.

 

 

 

 

 

 

Rekha has started as Forex market analyst. Analyzing fundamental news and its impact on the market movement. Later on, develop an interest in the fascinating world of cryptocurrency. Tracking the market using technical aspects. Exploring on-chain analysis to track the market.
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.

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