XRP Price Prediction: Will $0.6 Support Revive Recovery Trend?
XRP Price Prediction: Amid the current uncertainty in the crypto market, the 5th largest cryptocurrency XRP wavers above the $0.6 psychological level. The neutral candles projected in the last few days reflect no initiation from buyers or sellers. However, the market participants adhere to the formation of a symmetrical triangle pattern, which could provide suitable insight for near-future projection.
Also Read: Coinbase vs SEC: XRP Lawyer Says SEC Chair is “Gas Lighting” Americans
Will XRP Regain $0.7 Mark?
- A bullish breakout from the triangle pattern would signal the continuation of the recovery trend
- The triangle breakout could set the XRP price for a 25-28% surge
- The intraday trading volume in the XRP is $1.39 Million, indicating a 30% gain.
The last six weeks’ price behavior of the XRP coin has been majorly sideways, resonating within two converging trendlines of the triangle pattern. The coin price rebounded at least twice from both boundaries and continues to influence the trader’s behavior.
On December 13th, the prices witnessed its latest reversal from the lower trendline which set a new bull cycle within the triangle. This reversal would likely push the coin price up 7% to hit the upper trendline at $0.67.
However, if the supply pressure persists, the XRP price will continue to consolidate in a sideways action, until it breaks on either side. A potential breakout from the upper trendline would offer strong support for buyers to continue the recovery trend.
The post-breakout rally would set the recovery trend for a potential target of $0.78, followed by $0.84.
Is XRP Price at Risk of Major Correction?
As the current market outlook for XRP is neutral, a breakdown below the lower trendline is possible which could accelerate the selling pressure. Thus, the post-breakdown fall could plunge the price 12% down to $0.53 to hit a long-coming support trendline. For over a year, this support has been holding the XRP price on a bullish track, offering traders a dip opportunity to accumulate.
- Relative Strength Index: The daily RSI slope at 50% reflects a neutral stance among investors.
- Bollinger Band: The shrinking range of the Bollinger band reflects rising volatility.
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