XRP Price Prediction, Ready to Shake the Cryptocurrency Scene
- Despite high volatility, traders have consistently adhered to this pattern, evident from multiple reversals and bounces within the triangle.
- Contrarily, the BTC pair has continuously declined; however, a reversal in price movement is anticipated soon.
XRP has consolidated between $0.6 and $0.7 levels in recent weeks.
According to Coingabbar Price Analysis, Looking at the chart, the XRP price has been consolidating between the $0.6 and $0.7 levels over the last few weeks.
The relatively flat 20-and-50-day EMA signals short-term sideways movement.
A triangle pattern has formed, and the price has yet to break out on either side.
In the daily temperature chart, XRP shows the formation of a symmetrical triangle pattern.
XRP encounters a minor setback near the $0.63 resistance, marked by an evening star candle pattern.
The demand pressure at the lower trendline is expected to bring the XRP price back on the recovery track.
The $0.6 support level enforces the lower boundary of the pattern. The 200-day moving average is trending nearby, adding to the support.
Hence, the likelihood of a price surge breaking the pattern and rallying towards $0.7 and beyond is high.
KEY LEVELS :
RESISTANCE LEVEL : $0.6400-$0.6700
SUPPORT LEVEL : $0.6000-$0.5700
Disclaimer: Crypto is not regulated and can offer considerable risks. There may be no regulatory remedies available in the event of any losses resulting from price analysis. As a result, before engaging in any transactions involving crypto products, each investor must perform in-depth examination or seek independent advice.
