The XRP price needs the triangle pattern breakout to trigger a new recovery trend: when should you enter?
Published 1 hour ago
The sixth largest cryptocurrency XRP continues to waver in a sideways trend confined within the range of a triangle pattern. Despite the notable price swing, the coin makes no significant contribution to a particular direction indicating a lack of initiation from buyers and sellers. Thus, the new enters in the digital coin wait for a triangle breakout to get a better confirmation of the potential trend.
Also Read: XRP Slips Amid Mystery Wallet Activity and Binance Delisting
XRP Price at Crossroad
- Under the influence of the triangle pattern, the XRP price may extend a consolidation phase for this week
- The 100-day EMA slope continues to offer strong pullback support to buyers
- The intraday trading volume in the XRP is $1.39 Million, indicating a 30% gain.
Source: Tradingview
Amid last week’s bullish upturn in the crypto market, the XRP price showed a long-tail rejection candle at the support trendline of the triangle pattern. This rejection indicates the buyers continue to accumulate at minor pullbacks, which is one of the key trends in an uptrend.
A bullish reversal from this support has surged the coin 4.8% to currently trade at the $0.625 mark. However, as the range between the triangle pattern narrows, the XRP price will witness an inevitable breakout to trigger the next directional move.
The prospect of a spot Bitcoin exchange-traded fund (ETF) gaining approval in the United States is drawing closer, driving a bullish sentiment in the market. This also increases the potential of the XRP price to break the triangle pattern on the upside, releasing the build-up of bullish momentum.
Should this happen, the XPR price is set to chase potential targets of $0.7, followed by $0.75 and $0.83.
Conversely, a breakdown below the triangle will invalidate the bullish thesis.
XRP vs BTC Performance
In a comparison analysis with the leading cryptocurrency Bitcoin, it seems the XRP price is underperforming in comparison to the general bullish sentiment in the market. While the Bitcoin price shows an uptrend with the occasional pullback, the short-term trend of the XRP coin has turned sideways showing lateral price behavior.
- Supertrend: The daily chart projecting a red flag accentuates the seller’s dominance which prevents the XRP from benefiting from the current recovery trend.
- Exponential Moving Average: A flattish 20-and-50-day EMA highlights a sideways sentiment in XRP.
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.
