XRP‘s price has been fluctuating within a symmetrical triangle on the daily chart since January 1st, indicating an indecisive market. The presence of a Morning Star formation suggests a potential bullish reversal that could trigger a breakout. This trend momentum may provide buyers with an opportunity to re-enter the market.
The price of XRP reflects a quick 6% jump off the lower trend line, while the stable 20 and 50-day EMAs show a short-term sideways movement to investors. Additionally, a notable 20% increase in intraday trading volume has been observed, with the 24-hour volume rising to $763 million.
The current technical chart for XRP displays a symmetrical triangle formation amidst the TRB incident on the first day of the year. This formation has been reliable for investors, who are closely monitoring it, and the consistent reversals in the triangle’s lower region provide a consistent observation point.
At the time of writing, XRP is trading at $0.6208, showing a modest recovery from the support trend line indicated by the Morning Star formation, thereby proving its resilience in the market.
The Morning Star formation, generally associated with a weakening downtrend, consists of a three-candle structure. This pattern could lead to a breakout towards the upper resistance line of the triangle on the chart.
An upward movement from the lower trend line in XRP’s price could lead to a 6% price increase, potentially paving the way for a continued rise following the formation. However, until the triangle formation is complete, limited price fluctuations may occur at each approach to the formation’s peak.
The current market outlook based on XRP’s triangle formation is neutral, but buying pressure could accelerate due to the Morning Star formation, potentially leading to a price reversal. A breakout could result in a rally, increasing the price by 28% to $0.81. Conversely, a move below the support trend line could push the price back down to $0.53. The daily RSI, currently at 64, indicates increasing buying pressure among investors. Positive news from Bitcoin in 2024 could support upward market movements, benefiting XRP, especially if long-standing legal issues are conclusively resolved, potentially leading to unprecedented price levels.