The recent uptick in the crypto market has brought good news for XRP holders, as the price demonstrates consecutive growth for the last six days. This recovery phase led to a bullish breakout from a two-month-long wedge pattern, hinting at the end of the correction phase. As a result, the XRP price is likely to witness further growth, providing more entry opportunities for interested traders.
In the daily time frame chart, six consecutive green candles signal a promising recovery in XRP’s price. Rising from a weekly low of $0.4431, the coin price surged nearly 12.5% to reach its current price of $0.5. Additionally, buyers have broken through the local resistance of $0.485, with a significant increase in volume activity. This breakout offers another entry point for interested buyers, implying that further growth is plausible.
However, considering the consecutive growth in XRP’s price over the last few days, minor consolidation above the $0.485 level might occur. This consolidation would help stabilize excess selling pressure and assess price sustainability at higher levels.
The post-breakout rally has the potential to lift the price 16.4% higher, reaching $0.58. A bullish breakout from $0.485 accelerated the buying momentum, setting XRP’s price on track for a more extended recovery. Nonetheless, for the past eleven months, buyers have failed to provide a daily candle closing above the $0.55 resistance level. Although the ongoing recovery may lead to another breakout attempt, market participants would need a clear candle closing before anticipating a rally above $0.55.
Bollinger Bands indicate that the rising XRP price is challenging the.upper band, projecting high momentum buying. Meanwhile, the Moving Average Convergence Divergence (MACD) reveals that the weekly MACD (blue) and signal (orange) lines are expanding in a positive alignment, suggesting that the market trend is gaining strength.
It is crucial to note that this content may include the author’s personal opinion and may be subject to market conditions. Be sure to conduct proper market research before investing in cryptocurrencies, as the author or the publication holds no responsibility for your personal financial loss.
Source: Coingape
