While the rounds of the Ripple stalls are getting stronger every day, the price of XRP can also be positively affected. After a couple of pullbacks and corrections, the price is slightly in recovery mode but still consolidating within the consolidation. And thus the result is still quite confusing as the asset shows the possibility of breaking the pattern and also going down hard.
Coinpedia had previously reported on the possible price movement of XRP during the week. And currently, after a healthy consolidation, it looks like the asset is now poised to make a bigger move. However, some bearish concerns may also hamper the rally. However, the chances of a breakout appear to be more materialistic at the moment. Even though the asset outperforms the consolidation, a strong possibility of a retest may arise.
XRP price continues to trend within the same symmetrical triangle. At which point, the force appears to reduce as you get closer to the vertex. While some of the indicators are quite bullish, the RSI is neutral in no time. And therefore it can flow according to the induced volume. The MACD shows a slight build up of buying volume that may soon be nullified by sellers. Since the volume is not up to par, it is necessary to remove the downtrend. However, the Average Directional Index (ADX), which indicates the strength of the rally, is slightly bullish and therefore a minor uptrend can be expected until the close of the day. On the other hand, the Average True Range (ATR) indicates that the asset is less volatile and therefore a drastic price movement cannot be recorded.
While the chart suggests a clear uptrend, the technique does not suggest any clear indication of the upcoming trend. And therefore, all eyes may be on the progress of the Ripple vs SEC case which may induce some volatility in the asset. Therefore, eventually, the price of XRP may receive a further boost to initially reach the long-awaited target of $1.
This post Ripple’s XRP Price Approaches Decisive Phase, $1 Looks Imminent
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