The XRP price has outlined an ascending triangle pattern on its daily chart, a formation frequently observed during established uptrends. This pattern typically represents a brief consolidation before the asset resumes its bullish momentum. Given this context, can buyers generate enough bullish momentum to propel it past the $0.55 mark?
Also Read: Whale Dumps $14 Mln XRP Despite Ripple’s Latest Wins
Triangle Pattern Hint Extended Recovery
- An ascending trendline prevents the XRP price from a major correction
- A bullish breakout from the $0.55 barrier could accelerate the market buying pressure
- The intraday trading volume in the XRP is $619 Million, indicating a 13% loss
Source: Tradingview
In the span of the last seven weeks, the XRP price movement has largely been lateral. During this consolidation phase, this altcoin has fluctuated within defined boundaries set by a horizontal resistance at $0.548 and an ascending trendline acting as a dynamic support.
The price has touched the lower trendline on two occasions and has tested the upper boundary four times, underscoring the pattern’s strong influence on traders. On October 3rd, the coin price faced its fourth rejection from this upper resistance, leading to a 4% depreciation over the subsequent three days.
At this moment, XRP price is trading at $0.51. If the bearish pressure persists, we might see a further 2% dip, bringing the coin’s price to the ascending trendline’s support. However, this dynamic support could very well reignite bullish sentiment, potentially prompting a renewed challenge of the $0.55 resistance.
As long as the triangle’s boundaries remain unbreached, the XRP price movement may continue to oscillate within these confines.
1 XRP to USD = $0.5246729 -0.13% (24h) Buy / Sell
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Will XRP Price Hit $0.6?
Historically, ascending triangle patterns often culminate in an upward breakout, heralding the continuation of the prevailing uptrend. Thus, if the XRP coin manages to close a daily candle beyond this resistance, we could anticipate a surge of roughly 9%, targeting the $0.6 mark, with a subsequent aim at the $0.68 level.
- Exponential Moving Averages: The coin price wavering around the 200-day EMA reflects uncertain market sentiment
- Relative Strength Index: Despite the daily RSI slope rising, the altcoin making high reflects that the buyers’ attempts are not making a strong influence on price action.