Ripple's XRP is showing underlying accumulation of buyers within a narrow range, indicative of a potential 8% rise in the near term. The formation of an ascending triangle pattern suggests that a potential breakout can be seen, pushing the XRP price past the neckline resistance of $0.44. In addition, observing the relative strength index (RSI) and Bollinger Band (BB) indicators, both are suggesting an entry opportunity for a bullish market. Therefore, an ideal buy entry can be considered at $0.44 with the stoploss below the triangle neckline support at $0.41.
For the past five days, the XRP price has been consolidating between $0.433 and $0.408, unable to generate bullish sentiments. The situation has remained uncertain with most of the candles produced having a long wick. However, the chart in the shorter timeframe has shown the formation of an ascending triangle which signals a potential upswing. Currently, XRP is trading at $0.426 and is highly likely to break the resistance at $0.44.
If the XRP price continues to rise and generates a sustainable break above $0.44, it presents traders with an entry opportunity. At present, an ideal buy entry can be considered at $0.44 with the stop-loss at $0.41. Besides, both, the Relative Strength Index (RSI) and the Bollinger Band (BB) are also providing support for a bullish momentum. Nevertheless, a successful break of the ascending triangle neckline resistance signals the possibility of an 8% rise in the XRP price.
Christopher Wood
- 2023-05-14
Accumulation Indicative of 8% Price Increase in XRP
Bitcoin is showing signs of accumulation as it trading within a narrow range. An Ascending Triangle formation suggests a potential 8% rise in the near term. Analyzing XRP's Relative Strength Index (RSI) and Bollinger Band (BB) indicators are also suggesting an entry opportunity for a bullish market.
![CandleFocus Ripple-XRP-Accumulation-AscendingTriangle-Breakout-RSI](https://images.candlefocus.com/Accumulation-Indicative-of-8percent-Price-Increase-in-XRP.jpg)