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XRP Price Analysis: The XRP price recovery rally recently turned down from the $0.93 barrier and witnessed a sharp correction. The exhausted bullish momentum plunged the coin price 28% down to the $0.069 mark and switched to sideways action. However, the consolidation phase limited between two converging trendlines indicates the formation of a bullish continuation pattern called pennant. Here’s how interested can ride the next leap in XRP.
Also Read: Crypto Exchange Gemini Teases Hint Of XRP Relisting Soon
XRP Price Daily Chart:
- A bullish reversal from the lower trendline suggests the XRP price may prolog sideways action for a few more days
- An upside breakout from the overhead trendline will set the altcoin for a 25% upswing.
- The intraday trading volume in the XRP is $1.5 Billion, indicating a 32.1% loss.
Source: Tradingview
The XRP price shows the formation of a pennant pattern in the 4-hour time frame chart. This chart setup is considered a continuation pattern, indicating that the prevailing trend is likely to continue after a period of consolidation.
The coin price rebounded twice from the upper trendline and thrice from the lower indicating this pattern’s strong influence on market participants. Therefore, the short-term sideways trend in XRP price will persist, until the two trendlines are intact.
By the press time, the XRP price trades at $0.77 and is trying to obtain another support from the lower trendline. Thus, interested traders can wait for a breakout above the pattern’s resistance trendline before taking a long position in the market.
Will XRP Price Surpass the $1 Ceiling?
The narrowing range of the triangle pattern will soon lead the XRP price toward a breakout opportunity. With the anticipated bullish breakout, the 4-hour candle closing above the overhead trendline will hint at the replenished bullish momentum and prolong the recovery rally to the $1.08 mark. If the breakout triggers this weekend, the XRP buyers will have sufficient time to reach the target before July End.
On a contrary note, a breakdown below the lower trendline will offset the bullish thesis.
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.
