XRP Price Prediction: The sixth largest cryptocurrency XRP has been notably bullish this week, largely driven by the excitement surrounding the potential approval of a Spot Bitcoin ETF and Ripplelabs’ recent share buyback. From a weekly low of $0.54, the coin price has surged nearly 10.25 to its current trading price of $0.6. Will this positive stream in the market bolster the XRP price to escape its long consolidation and surpass the $0.8 mark?
Why XRP Price Is Poised for A Decisive Breakout
- A bullish breakout from the symmetrical triangle pattern will signal an early sign of a directional rally.
- The XRP coin witnessed increased accumulation at price dips reflecting the buyers continuing to follow a positive trend cycle.
- The intraday trading volume in the XRP is $1.4 Billion, indicating a 49% loss.
The last six months’ price behavior in XRP price has been sideways making narrow swing highs and lows within two converging trendlines. From a technical perspective, this price behavior shows the formation of a symmetrical triangle pattern.
The two trend lines have been tested several times indicating the market participants respect this chart setup. Moreover, a long-tail rejection on January 3rd, highlights the buyers continue to accumulate this asset at market dips, keeping the overall trend bullish despite the current uncertain sentiment.
As per a recent report from Reuters, Ripple Labs, the firm behind the notable XRP cryptocurrency, has initiated a purchase of $285 million worth of its shares from initial stakeholders and employees. This acquisition is a component of a wider $500 million scheme that also covers the expenses involved in converting restricted stock units to ordinary shares.
With this development and bullish market sentiment surrounding the Spot Bitcoin ETFs approval, the XRP price has recently surged to $0.6. If the bullish momentum persists, this altcoin is likely to gain 6% by next week, allowing buyers to rechallenge the overhead trendline.
A bullish breakout from the triangle pattern resistance is needed to escape the long consolidation. This breakout will intensify the buying momentum and may surge the price by 18% to hit $0.75, followed by $0.93.
Is XRP Price Ready for Recovery?
While the current market outlook favors a return of recovery in XRP price, the newcomers may wait for the triangle breakout for better confirmation. If the coin holders continue to witness supply pressure at the upper trendline, the asset will continue to sideways action, probability for the whole month.
Adopting a more cautious viewpoint, a breach below the lower trendline of the triangle pattern could initiate a significant decline
- Relative Strength Index: The daily RSI slope at 47% reflects a neutral to the bearish stance of traders.
- Bollinger Band: The horizontal trend observed in the Bollinger Bands indicator highlights the current lack of momentum, potentially signaling a prolonged sideways trend in this asset.
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- About author
- Disclaimer
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
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.
