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Triangle Pattern Sets $XRP for 26% Breakout Rally – Crypto News

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3 years ago

December 20, 2023

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XRP Price Prediction: The Triangle pattern breakout would resume the recovery trend higher

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XRP Price Prediction: The third week of December has been highly volatile for the 5th largest cryptocurrency XRP. while the wavering price projected no dominance from bull or bear, it showcased suitability above the $0.6 psychological support. This horizontal level aligned with the support trendline of the triangle pattern setup increasing the XRP price potential to rebound higher.

Also Read: Central Bank of Ireland Registers Ripple As Crypto Service Provider

Will $0.6 Support Bolster A New Recovery?

A long-tail rejection candle on December 18th reflects the demand pressure at $0.6
The triangle breakout could set a directional rally in XRP
The intraday trading volume in the XRP is $1.39 Million, indicating a 30% gain.

Amid developing a well-known continuation pattern called a triangle, the XRP price has been trading sideways for the past 7 weeks. However, this consolidation narrowing within two converging trendlines indicates the lateral movement won’t last long and lead to a decisive breakout.

Today, with an intraday gain of 2.32%, the XRP price rebounded from the lower trendline of a triangle pattern. The multiple long-price rejection candles at this support accentuate the strong demand pressure at t This reversal should lead to a 7.5% gain and revisit the upper trendline. For the XRP price to escape the current sideways trendline it must break either boundary of the triangle.

With a higher probability, the XRP price should breach the upper trendline, which would release the build-buying momentum. The post-breakout rally would surge the price 26.55% higher to hit $0.84, and in an extended rally $0.93, $1.

XRP vs BTC Performance

The last three-month price comparison indicates the XRP price has been underperforming in comparison with Bitcoin. While the BTC price continues to show a steady uptrend with new higher highs, the XRP price has turned sideways, reflecting no initiation from buyers or sellers.

However, in the big XRP price uptrend is intact evident by an ascending support trendline

Bollinger Band: The flattish boundary of the Bollinger band indicator acts as an additional layer of resistance and support.

Moving Average Convergence Divergence: The bullish crossover state between MACD(blue) and the signal(orange) line in higher time frame charts such as weekly highlights a bullish long-term outlook.

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