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Is XRP Heading to $1 in January 2024? – Crypto News

Published

2 years ago

December 31, 2023

Dripp

XRP Price Prediction: The morning star at the base trendline teases a bounce back in XRP price putting a breakout possibility on the cards.

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XRP Price Prediction: The XRP price maintains an indecisive trend in a volatile market, keeping a symmetrical triangle intact in the daily chart. However, the morning star pattern leads to a bullish comeback possibility that may potentially lead to a breakout trend. The unleashed trend momentum may provide buyers an entry opportunity to ride a long bullish wave.

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Will Morning Star Ignite The Breakout?

A bullish reversal lower trendline hints at a quick 6% jump.
The flattish 20-and-50-day EMA accentuates a sideways action in the short term.
The intraday trading volume in the XRP is $609 Million, indicating a 29% loss.

The current technical chart for XRP price illustrates a symmetrical triangle pattern taking shape amidst significant market volatility. Traders seem to have taken note of this pattern, consistently responding to its cues with repeated reversals and bounces within the confines of the triangle.

Currently, XRP is priced at $0.6264 and is witnessing a modest recovery from the support trendline, signaled by a morning star candle pattern. This movement might lead to a slight rally towards the triangle’s upper resistance trendline.

The XRP price is anticipated to see an upward swing from the lower trendline, potentially climbing by 6% and aiming for a bullish breakout from the pattern. However, as long as the triangle formation remains intact, expect XRP to undergo limited fluctuations as it nears the apex of the pattern.

This Breakout Might ignite A Jump To $28.

As the current market outlook due to the triangle pattern for XRP is neutral, the morning star teases a potential bounce back which could accelerate the buying pressure. Thus, the post-breakout rally could drive the price 28% up to $0.81

On the downside, a fall below the support trendline will plunge the XRP price down to $0.53

Relative Strength Index: The daily RSI maintains a lateral trend at 50%, indicating a neutral sentiment among investors.
Exponential Moving Average: The XRP price above 100-and-200 EMAs reflects the long-term trend as bullish

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