XRP Price Prediction: Bitcoin price’s continued struggle to break the $38,000 resistance has cast a shadow of uncertainty over the market. This domino effect is noticeable in the price of XRP, which has recently entered a phase of sideways fluctuation. This trend follows the buyer stabilizing at a support level of $0.57. Currently, XRP’s price trajectory is being shaped by a symmetrical triangle pattern, a development that offers insight into its near-term outlook.
Also read: SEC meeting raises hopes for resolution of Ripple-XRP case
Triangle pattern pins recovery at $0.7
Under the influence of a symmetrical triangle pattern, XRP price may remain sideways for the next week. XRP price trading above the 50% Fibonacci retracement level reflects that the overall recovery trend is intact. XRP intraday trading volume is $865 million, indicating a 15% loss.
Over the past fortnight, the price of XRP has traded within a limited range bounded by the converging lines of this symmetrical triangle. Notably, the cryptocurrency rebounded from these trend lines twice, underscoring the significant influence this pattern has on market behavior.
With a modest intraday increase of 0.6%, XRP price has recently recovered from the lower boundary of this pattern, now hovering around the $0.606 mark. This bullish reversal is likely to lead to a 3% rally, only to find immediate resistance at the upper boundary of the triangle.
Although bullish resistance could prolong the sideways trend, the converging nature of the pattern would ultimately result in a breakout move. If recent corrections have sufficiently revived bullish momentum, a bullish violation of the triangle’s upper trendline would mark the continuation of an uptrend.
This scenario could increase the value of XRP by 12%, reaching the key threshold of $0.7.
Support trend line maintains long-term uptrend
Although the prevailing trend is bullish, a downward break of the triangle support line could amplify the selling pressure, which could trigger an extended correction phase. In that case, the price of XRP could fall to $0.57 and possibly even further to $0.53. However, a broader perspective reveals a long-term ascending trend line that has consistently provided dynamic support to XRP, presenting buyers with a favorable downside opportunity.
Exponential Moving Average – XRP price fluctuation around the slope of the 200-day EMA reflects the feeling of indecision among traders. Moving Average Convergence and Divergence: A bullish crossover between the MACD and the signal line accentuates the growing buying pressure amid the current correction trend.