$0.6 Breakout Set to Extend Recovery by 12%

$0.6 Breakout Set to Extend Recovery by 12%

XRP Price Prediction: The XRP price breakout from the triangle pattern set a prolonged recovery trend. Should you enter?

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XRP Price Prediction: On October 23rd, XRP coin broke free from a two-month-long accumulation phase, signaled by its exit from a triangle pattern. The subsequent rally pushed the coin’s price from $0.54 to its current trading level of $0.6, marking an 11% gain. But given the current market volatility, can buyers sustain this momentum?

Also Read: Pro-XRP Lawyer Shares Exciting Development With XRP Army

Triangle Pattern Sets Extend Recovery.

  • Completion of the triangle pattern sets the XRP price for another 12% surge.
  • The $0.66 level stands as crucial resistance against buyers.
  • The intraday trading volume in the XRP is $1.56 Billion, indicating a 29% gain

TradingView ChartSource: Tradingview

Over the last couple of months, the XRP price has primarily traded sideways, confined within the triangle pattern’s trendlines. Typically, this pattern is considered a continuation pattern, and in this context, it would imply a downward trend. 

However, buoyed by broader market sentiment, the XRP price broke through the upper trendline, reflecting an early sign of trend change. This high-momentum breakout on October 23rd and a successful reset to check price sustainability on the 27th reflect this altcoin price is ready for a sustainable recovery. 

Amid the current market uncertainty, the XRP price surged by a modest 0.3%, forming a neutral daily candle. According to this pattern, the coin price looks set for another 12% gain, potentially reaching the $0.655 level.

Will XRP Recovery Hit $0.75?

The anticipated XRP price rally to $0.655 would also hit the 50% retracement level of the correction phase which was initiated in mid-July. The potential traders may face intense supply pressure at this level, which stands as a crucial level for sellers to resume the prevailing downtrend. Having said that, a breakout above this barrier would reflect weakness in bearish momentum which could prolong the recovery trend to $0.75.

  • Bollinger Band: The upstream in the upper band of the Bollinger band indicator reflects the buyers are still aggressive in nature. 
  • Moving Average Convergence Divergence: A steady rise between the MACD(blue) and signal(orange) line reflects a recovery sentiment in the market intact.

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Sahil is a dedicated full-time trader with over three years of experience in the financial markets. Armed with a strong grasp of technical analysis, he keeps a vigilant eye on the daily price movements of top assets and indices. Drawn by his fascination with financial instruments, Sahil enthusiastically embraced the emerging realm of cryptocurrency, where he continues to explore opportunities driven by his passion for trading

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.


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