Ripple price takes off for a colossal technical liftoff eyeing $2.3

Published May 6, 2021 | Updated May 6, 2021

In Brief

Ripple surges by more than 17% and strikes highs past $1.7.

The technical breakout above the ascending triangle pattern paves the way for the ultimate upswing.

Ripple XRP
Image Courtesy of Pixabay

Ripple price takes off for a colossal technical liftoff eyeing $2.3

Ripple surges by more than 17% and strikes highs past $1.7.

The technical breakout above the ascending triangle pattern paves the way for the ultimate upswing.

Ripple finally embraced the vital support at $1.3, allowing bulls to take the mantle. The bullish leg extended above the 50 Simple Moving Average (SMA) on the four-hour chart near $1.5, further cementing the bull’s presence in the market. Last week’s resistance at $1.6 seems to have bolstered XRP beyond $1.7.

At the time of writing, Ripple is exchanging hands at $1.7, following a 17% growth in the last 24 hours. The cross-border token has attracted a $15 billion trading volume across all platforms and boasts $78 billion in market capitalization. XRP is working toward reclaiming the fourth spot by unseating Dogecoin.

Ripple rally toward o$2.3 builds momentum

An ascending triangle formed on the four-hour chart is a massive bullish signal. This pattern develops during an uptrend and signifies the continuation of the previous trend. A couple of trend lines make the pattern, connecting the relatively equal peaks and the ascending lows.

The horizontal line (x-axis) shows that sellers gradually lose traction while the hypotenuse shines a light on a strengthening bullish outlook. A final break past the x-axis usually culminates in a significant upswing. The breakout is characterized by an increase in volume and has an exact target measured from the triangle’s highest to lowest points.

XRP/USD four-hour chart

XRP/USD price chart
XRP/USD price chart by Tradingview

The ongoing uptrend seems to have been seconded by the Moving Average Convergence Divergence (MACD) indicator. In addition to entering the positive region, the MACD line has crossed above the signal line, which is a bullish signal.

Consequently, the Relative Strength Index (RSI) on the four-hour chart reveals that the slightest resistance path is upward. A break past $2 will likely trigger massive gains to close the gap heading to $2.3.

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Ripple intraday levels

Spot rate: $1.7

Trend: Bullish

Volatility: High

Support: $1.6 and $1.3

Resistance: $1.75 and $2

Disclaimer
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.
About Author
John is a talented writer with over two years of experience actively contributing to the cryptocurrency industry by providing credible, interesting and easy to read the content. His main focus is on cryptocurrency price analysis and industry news coverage. Lets follow him on Twitter at @jjisige

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John Isige 993 Articles
John is a talented writer with over two years of experience actively contributing to the cryptocurrency industry by providing credible, interesting and easy to read the content. His main focus is on cryptocurrency price analysis and industry news coverage. Lets follow him on Twitter at @jjisige
Follow John @