\nA Fake Breakdown scenario sets XRP price for a significant upswing; is it the right time to enter?\t\t\t\t<\/p>\n
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During September\u2019s second-week sell-off in the crypto market, the XRP price<\/a> breached the $0.486 local support. This slide, which was further exacerbated by a surge in trading volume, signaled the potential continuation of the bearish trend. However, in a twist of events, the price trend made a swift reversal, riding on the coattails of the overall bullish sentiment in the market. This bullish response has seen the prices move above their previously broken level, suggesting a failed breakdown. Here\u2019s how this setup could impact the near future trend of the fifth-largest cryptocurrency.\u00a0<\/span><\/p>\n <\/p>\n Also Read: XRP Holders Prepare For Ripple\u2019s Victory Party, Rally To $1?<\/a><\/p>\n As the market\u2019s bullish sentiment continues to permeate, XRP price has posted an impressive 8.6% gain over the past five days, placing its current trading price at $0.498. This positive momentum effectively nullified the recent breach of the $0.486 support, marking it as a possible bear trap.<\/span><\/p>\n Such scenarios tend to attract heightened buying activity as trapped short sellers look to exit their positions, thus driving the price up. This theory gained more traction when, on September 15th, the altcoin<\/a> price surged past the high of the breakdown candle at $0.498, essentially neutralizing bearish intentions.\u00a0<\/span><\/p>\n<\/blockquote>\n Given this momentum, if the bullish trend holds, the prices could see another 5% uptick, aiming for the overhead trend near the $0.52 mark. This descending resistance trendline has already stymied the coin\u2019s growth twice and remains a barrier for bulls to surmount. If faced with rejection at this point, the XRP price may enter a consolidation phase, trading sideways in the coming days.<\/span><\/p>\n <\/p>\n The daily time frame chart shows the XRP is currently trading within a symmetrical triangle<\/a>, bounded by two converging trendlines. Such patterns typically indicate indecision in the market and often precede significant price moves, once a breakout (or breakdown) occurs. For the coin holder to instigate a more lasting recovery, it\u2019s imperative for the bulls to shatter the overhead resistance trendline, confirming a bullish breakout from the symmetrical triangle. The post-breakout rally may set the first target at $0.55, followed by $0.6<\/span><\/p>\n \n Share this article on:<\/p>\n –><\/p>\n Sahil is a dedicated full-time trader with over three years of experience in the financial markets. Armed with a strong grasp of technical analysis, he keeps a vigilant eye on the daily price movements of top assets and indices. Drawn by his fascination with financial instruments, Sahil enthusiastically embraced the emerging realm of cryptocurrency, where he continues to explore opportunities driven by his passion for trading <\/p>\n<\/p><\/div>\n The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.<\/p>\n<\/div><\/div>\n<\/p><\/div>\nNewfound Recovery Bolster Buyers For a Rally Above $0.52<\/b><\/h2>\n
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Source: <\/span>Tradingview<\/span><\/p>\n\n
Here\u2019s How XRP Price May Trigger a Directional Rally<\/b><\/h2>\n
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