The previous week and a half have been extremely optimistic for XRP. The cryptocurrency managed to rise from a low of $0.50 to a high of $0.71 – a 42 percent increase in price.
A modest pullback occurred during the last several days, but buyers appeared to have regained control of the market. The issue now is whether XRP will be able to sustain this run as we enter a new week. Certain market indications seemed to indicate this, while the development of a symmetrical triangle suggested the possibility of an upward breakthrough.
Source: XRP/USD, TradingView
The pullback of XRP on June 22nd and subsequent rise resulted in the formation of a symmetrical triangle on its 12-hour chart. While the pattern allows for a breakthrough in either way, market bulls were favoured to force a positive conclusion. A break above the upper trendline, which corresponds with the swing high of $0.69 on June 24, might set off a possible upcycle towards $0.80.RECOMMENDED READ: Lover of “dogs and memes”, Elon Musk accused of pouring “jet fuel” on GameStop and Bitcoin at a critical moment
The Visible Range revealed a significant amount of demand for XRP between $0.85 and $0.94, and keeping the price in this range would assist sustain a positive narrative back towards the $1 mark.
Reasoning
The indications for XRP were pointing to an impending bullish trend, but a few developments remained to be seen. The Relative Strength Index neared the neutral zone and was rejected many times around 50. If the index manages to break beyond 55 on its current uptrend, XRP will almost certainly experience an infusion of greater purchasing pressure.
In addition, the Directional Movement Index was on the verge of a bullish crossing — its second since the crypto sell-off on May 19. If the +DI line successfully climbs above the -DI line and holds this position moving ahead, the market will be in a bullish trend. The MACD, which indicated retreating bullish momentum, was one of the few downsides. If this impetus fades in the next days, some sideways movement is possible. A move below $0.60 might even render the triangle invalid.RECOMMENDED READ: Should we anticipate an alt season at all with Ethereum, Cardano, and XRP?
Conclusion
The symmetrical triangle on XRP indicated the likelihood of a breakout, which may boost the price towards $0.80. Consolidation above the previously indicated level would increase the likelihood of XRP regaining $1 in the following week. However, traders should be wary of another round of selling pressure, as a fall below $0.60 might eliminate the possibility of a positive result.
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