In the unpredictable cryptocurrency market, XRP‘s price has been exhibiting a horizontal trend. Amidst this uncertainty, a combined support at $0.6 and an ascending trend line from a triangular formation have been preventing a significant correction, acting as a barrier against a decline. A retest of this support could increase buying pressure and offer buyers a chance to break out of the consolidation phase.
XRP’s price movements on the daily time frame chart are showing the formation of a symmetrical triangle. Despite high volatility, investors continue to make investment decisions based on this pattern, as evidenced by multiple rebounds and jumps within the triangle formation.
The popular altcoin is currently trading at $0.619, facing a slight pullback from the local resistance level of $0.63 as indicated by an evening star candlestick pattern. This could lead to a minor 2% decrease before XRP revisits the lower trend line of the symmetrical triangle formation.
There is a growing possibility that the price will rebound from the lower trend line and potentially rise by 6% to reach $0.653, corresponding to the upper trend line. However, without a breakout from the symmetrical triangle formation, expecting a significant move from XRP is not feasible. A breakout upwards could send the price first to the horizontal resistance at $0.75 and potentially up to $0.84 if it surpasses this resistance line.
The current market outlook for XRP is neutral, and a downward break below the symmetrical triangle’s lower trend line could trigger selling pressure. Such a break could lead to a 12% decline in price, pushing it down to $0.53 and towards a long-standing ascending support trend line that has been sustaining XRP’s price in an uptrend for over a year, offering investors opportunities for accumulation.
At present, XRP’s Relative Strength Index (RSI) on the daily time frame is at the neutral level of 50. Additionally, the price being above the 100 and 200 Exponential Moving Averages (EMAs) indicates a long-term bullish trend.