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Why XRP Edges Closer To Ultimate Bull Run – Crypto News

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2 years ago

November 29, 2023

Dripp

XRP Price Forecast: XRP price is on the verge of reclaiming $0.62 support while key technical patterns hint at a breakout to $0.74 and subsequent action toward $1.

Published 6 seconds ago

The crypto market has generally slowed from the aggressive bullish push in October and the first few weeks of November. Leading the minor corrections are tokens like XRP, BNB, and SOL.

However, a glimpse of their technical outlook hints at an incoming bullish phase, where XRP price might explode to $0.74—a move likely to pave the way for further increases to highs above $1.

XRP Price Forecast As Falling Wedge Pattern Completion Beckons

XRP price is on the verge of a breakout following the formation of a falling wedge pattern on the daily chart. This pattern can appear as a reversal or a continuation signal.

In XRP’s case, it has formed as a continuation signal indicating that the previous uptrend would resume. The falling wedge is a bullish chart pattern—the opposite of it being the rising wedge.

As XRP price consolidates within the wedge, it forms a series of lower highs and lower lows. To validate the pattern, the cross-border money remittance token has to make a nice move on top of the wedge.

This breakout would be accompanied by a surge in the volume indicating growing interest among traders seeking exposure to XRP longs. With the momentum backing the uptrend, XRP price is expected to climb 20% to $0.74 — a distance equal to the height of the pattern.

Depending on the strength of the tailwind, XRP could extend the breakout, and bring the coveted $1 within reach.

XRP price prediction chart | Tradingview

The technical outlook from the Moving Average Convergence Divergence (MACD) indicator backs the uptrend. For this reason, it would be prudent to watch out for a buy signal which will manifest with the blue MACD line flipping above the red signal line.

Now that XRP price is setting above support provided by the 200 Exponential Moving Average (EMA) (purple) affirms the bullish theory. However, bulls cannot afford to slack due to the existing resistance at the 50 EMA (red), and slightly above it is the 100 EMA (blue).

Navigating XRP Price Bull Flag

A bull flag pattern is about to be confirmed on the daily chart, which will cement the bullish narrative and boost XRP price toward the short-term target of $0.74. Like the falling wedge, this pattern signals a continuing bullish trend, following a consolidation phase.

The On-Balance Volume (OBV) indicator tracking the movement of funds in and out of XRP markets reveals that the tailwind is getting stronger. A break above the bull flag would compel more traders to buy XRP, increasing the force behind the token.

As it stands, buyers have the upper hand, especially with Bitcoin price breaking above $38,000 and attempting to achieve highs past $40,000 before the end of October.

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