On the 16th of June, the XRP price found itself rebounding from a support trendline, which has been carrying a sustained recovery for the past 100 days. This reversal subsequently initiated a fresh recovery, causing the prices to surge 7.66% higher and currently trading at $0.492. Amidst this rally, the coin’s price has surpassed the immediate resistance of $0.487, providing an additional stepping stone to rise even higher.
With the formation of a new higher low at the $0.4558 mark, it seems that buyers continue to accumulate at price dips. A bullish breakout from the $0.487 resistance offers an entry opportunity for buyers with a potential upswing of 11%. The intraday trading volume in XRP reached $1.2 billion, indicating a 34% gain.
When considering the long-standing support trendline and $0.55 horizontal level, the XRP price appears to form an ascending triangle pattern in the daily chart. This pattern’s influence reflects growth in the underlying bullish momentum as the asset price develops new higher lows.
As the crypto market continues to grow, the XRP price rebounded from the support trendline, setting a new bull cycle within the pattern. The prices now hover above the recently reclaimed $0.487 horizontal level, in an attempt to secure sufficient support. If buyers manage to sustain this level, the altcoin’s market value could potentially rise 11% and reach the $0.55 barrier.
Under the development of an ascending triangle pattern, the XRP price is poised to hit the $0.55 barrier. However, breaking through this barrier is less likely in the near term as buyers will need more aggression to surpass this multi-month ceiling. As more trading days pass, the coin price will likely resonate and coil narrowly within the triangle, potentially leading to a break of the $0.55 resistance.
However, there is a note of skepticism in the market indicators. The Average Directional Index (ADX) slope shows no upswing to the recent price surge, which indicates that buyers currently lack the strength to trigger an aggressive rally. Additionally, the Bollinger Band’s upper band remains flat near the $0.55 level, increasing the resistance strength of this barrier.
In conclusion, the XRP price prediction anticipates a continuous bullish movement towards the $0.55 barrier. Still, buyers need to act with more aggression to breach this multi-month ceiling. Leveraging the ascending triangle pattern, XRP price stands poised for a potential breakthrough. However, it’s crucial for investors to conduct thorough market research before diving into cryptocurrencies, as market conditions can change rapidly, and authors or publications cannot be held accountable for personal financial loss.
Source: Coingape
