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.



Other News from Today