Published 4 hours ago
The XRP price has risen in response to the inverted flag pattern for the past three weeks. The altcoin is currently back to the pattern’s support trendline, trying to replenish the bullish momentum. Moreover, the reversal signs at the $0.39 mark and support trendline indicate the ongoing recovery will continue for a few more trading sessions.
Key points:
The long price rejection candles at the pattern’s support trendline trigger a new bull cycle
A bull cycle within the inverted flag pattern sets the XRP price for a 12% jump.
The intraday trading volume in the XRP is $823.5 Million, indicating a 5.66% loss.
Source- Tradingview
Concerning the early November downfall in XRP price, the ongoing recovery showcases the formation of an inverted flag pattern. This bearish continuation pattern is often spotted in an established downtrend and intensifies the selling pressure upon the breakdown of its support trendline.
The XRP price currently trades at $0.389 and retests the pattern support trendline. Furthermore, the long-tail rejection candles combined with a rising trendline and $0.388 market reflect a high possibility of a bullish reversal.
A new bull cycle within this pattern will surge the prices back to the upper trendline, registering a 12% growth opportunity. Moreover, the XRP price will continue to recover until the mentioned pattern is intact.
On a contrary note, the decreasing volume during the recent recovery indicates this bullish rally is temporary. Thus, if the selling pressure persists, a daily candle closing below the support trendline will trigger this pattern. In response to the chart pattern, the XRP price may drop to the $0.36 mark.
Technical Indicator
EMAs: The flattish crucial EMAs(20, 50, and 100) accentuate a sideways price action in XRP. Moreover, these EMAs moving above the coin price gives an additional barrier against the growing price.
Relative Strength Index: The daily-RSI slope wavering around the midline indicates a neutral sentiment among market participants.
XRP intraday price levels
Spot price: $0.39
Trend: Bullish
Volatility: medium
Resistance level- $0.4 and $0.46
Support level- $0.38 and 0.3
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.
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