As the crypto market surges high on Wednesday, the Ripple (XRP) buyers plan to end this sluggish range-bound rally by giving an upside breakout from the symmetrical triangle pattern. The coin chart shows a long bullish engulfing of $6.8% intraday gain, piercing the dynamic resistance trendline.
- The XRP buyers flipped the 50-day SMA into valid support.
- The Vi indicators provide a positive crossover among the VI+ and VI- line
- The intraday trading volume in the XRP is $2.4 Billion, indicating a 2.48% loss.
The Ripple(XRP) price fluctuated within the symmetrical triangle pattern for almost a month. This continuation pattern provides a strong directional move to traders once the price breakout on either of the converging trendlines.
Today, the altcoin showed a strong rebound from the support trendline, bolstering the buyers to breach the overhead trendline. The renewed buying pressure could surge the coin price by 12.5%, hitting the $0.86 resistance and later $1.
On the contrary, if sellers pulled the XRP price below the breached resistance, the resulting fakeout would trap the aggressive buyers and slump the coin back to support the trendline.
The Ripple(XRP) price is sandwiched between the downsloping 50-and-100-day SMA, indicating a bearish bias. However, a bullish breakout of the dynamic resistance 100 SMA will provide an extra edge to long traders.
The Vortex indicator shows a bullish crossover between the VI+(blue) and VI-(pink) lines, indicating a buy signal. However, the negative curve in the blue line undermines positive crossover and limits the bullish spread.
The Super trend indicator share a bearish tendency in the daily time frame chart
- Resistance level: $0.85 and $1
- Support levels: $0.745 and $0.59
- Whales Eye Litecoin Ahead Of Major Update, Here’s Why
- U.S. Is Winning Bitcoin Mining Race But China Still Not Out Of Picture: Report
- Stablecoin Meltdown: This Token Loses $7 Billion Within A Week
- Just-In: Polygon (MATIC) Releases Nightfall Mainnet Beta; Here’s Why It’s A Big Deal
- Ripple (XRP) Price Jumps Over 4%, Here’s Why
- Coinbase Cuts Down Hiring After Q1 Losses Hit $420 Million
- Shiba Inu (SHIB) Price Soars 6% In A Day, Here’s Why
- KuCoin Lists $UST Crisis Born Stablecoin $USDD; Details
- WOO Network Halts Terra’s LUNA Trading Just Hours After Relisting It
- Terra Crash Spilled Over Into Other L-1 Blockchains, Here’s How
- Ripple Price Analysis: XRP Price Remains Pressured Below $0.45
- EGLD Price Analysis: Decreasing Volume Hints EGLD to Reverse from $75
- Cardano Price Analysis: ADA Price Prepares For 22% Jump; Are You Holding?
- Bitcoin Price Analysis: BTC Price Holds Above $30,000; Opportunity To Buy?
- Ethereum Price Analysis: ETH Price Erases Recovery Gains Towards $2,000
- Decentraland Price Analysis: MANA Price Sinks 10%; Are You Still Holding?
- Bitcoin Price Analysis: BTC Price Under Bear’s Spell; Is $26,000 On Cards Again?
- ETH Price Analysis: Consolidation Range Soon To Launch ETH Above $2250
- Bitcoin Price Analysis: Triangle Breakout Sets BTC Rally To $32000 Mark
- LUNA Price Analysis: Opportunity to Buy Cheap or A Bull Trap?