XRP hasn’t crossed the $1 mark since early June
The last week and a half has been very optimistic for XRP. The cryptocurrency has managed to rise from a low of $0.50 to a high of $0.71 – a price action that represents gains of 42%.
A small correction has been seen in recent days, but buyers seem to have regained control over the market. The question remains – would the XRP be able to continue this race in a new week? Certain signals in your market seemed to suggest this, while the formation of a symmetrical triangle presented chances of an upward breakout.
12 hour XRP chart
Source: XRP / USD, TradingView
The XRP’s retracement of the 22nd of June and its bullish trend thereafter led to the emergence of a symmetrical triangle on its 12-hour chart. Although the pattern could see a breakout in either direction, market bulls were suggested to impose an outcome in their favor. A rally above the upper trend line, which coincides with the June 24 swing high of $0.69, could trigger an upside potential to $0.80.
The visible range showed a high level of interest for the XRP between $0.85-$0.94 and keeping the price within this zone would help support a bullish narrative back to the $1 mark.
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XRP indicators were suggestive of an incoming uptrend, but some developments were yet to happen. The Relative Strength Index approached the neutral zone and was rejected around 50 on several occasions. If the index manages to climb above 55 on its current rally, the XRP will likely see a stronger influx of buying pressure.
By the way, the Directional Movement Index (DI) was on the verge of a bullish cross – the second since the May 19 cryptocurrency sell-off. If the +DI line successfully rises above the -DI and maintains this forward movement, an uptrend would be observed in the market. Some negatives came in the form of the MACD, which highlighted the pullback of bullish momentum. If this momentum dissipates in the next few days, some lateral moves can be expected. A move below $0.60 can even invalidate the triangle.
The XRP’s symmetrical triangle highlighted a possibility of a breakout, which could push the price to $0.80. Consolidation above the mentioned level would increase the chances of the XRP recovering $1 next week. However, traders should be wary of another onslaught of selling pressure as a move below $0.60 could nullify the chances of an upbeat outcome.
- See too: According to Ripple’s CTO, Amazon could “definitely” use XRP Ledger federated secondary chains
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