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The price of XRP has stayed consistent despite the market's ongoing consolidation. It has been lingering above the $0.46 level in an effort to seek support above the long-coming support trendline.
The neutral candlestick pattern observed this week indicates that neither buyers nor sellers are taking a definite stand to determine the direction of the price trajectory. Despite this, market participants predict a substantial directional shift in the price of XRP as the legal action between Ripple and the SEC is increasingly approaching its conclusion.
From the Triangle Breakout, the Price of XRP Is Expecting a Major Bull Run
The price of XRP hit a high of $0.74 at the beginning of March, marking the beginning of the cryptocurrency's current downward trend. As a result of this negative trend, the asset's value dropped to $0.427, and its market cap dropped to $26.28 billion, resulting in a fall of 36.8%, as per Coingape.
On the other hand, an examination of the daily chart reveals that this bear cycle is a component of a well-known continuation pattern known as a symmetrical triangle. As a result of the influence of this pattern, the price of the asset has a tendency to echo inside two converging trendlines in order to regain momentum in a specific direction.
If the current trend continues, the price of XRP, which is currently located close above the lower trendline of the pattern, may encounter greater buying interest. In the event of a possible turnaround, the price might increase by 35 percent to reach the overhead trendline at about $0.63.
If XRP were to break out of the triangular pattern, it would signal the conclusion of the current phase of consolidation and amplify the bullish momentum. If buyers continue to buy, the post-breakout rally can break beyond the $2 barrier.
In addition, the well-known trader EGRAG CRYPTO recently posted a bullish analysis for XRP on social media, projecting a minimum price goal of $6.4.
This trader highlights the fact that despite the recent market volatility, the monthly candle for XRP is expected to close higher than the Fibonacci 0.236 level, which is considered to be an indication of natural market consolidation.
EGRAG CRYPTO Predicts Major XRP Price Targets Amid Legal and Market Influences
EGRAG CRYPTO says the next significant XRP target is the Fibonacci 0.5 level. This statement is based on an analysis of the future. With a firm conviction in the market, they feel that if this objective is flipped, it might pave the way for XRP to hit the Fibonacci 1.618 level, now at $6.4.
Significant factors will contribute to the reversal of the price of XRP. These factors include the resurgence of buying interest in the overall market and the outcome of a protracted legal battle between Ripple and the SEC.
The Technical Indicator is;
BB Indicator: The decrease in the lower limit of the Bollinger Band indicator indicates that the seller has a significant influence on the market's behavior in XRP.
Moving Average Convergence Divergence: Multiple crosses between the MACD line (blue) and the signal line (orange) highlight a neutral market attitude in the short term.
Photo: Microsoft Bing
