XRP price bounces back after symmetrical triangle bullish breakout. On Saturday, XRP is trading relatively lower after the previous session’s 16% gain. However, the market still remains cautiously close to the high levels as investors appear exhausted.
XRP price is trading at modest losses on Saturday. A decisive close above 200 EMA will prompt bulls to test $0.90. XRP provides a bullish breakout from the symmetrical triangle, suggesting a continuation of upward momentum.
The recent price action is influenced by the positive development in the company’s case against the Securities and Exchange Commission, which is seen as good by market participants.
XRP Price Appears Vulnerable After Recent Breakout
Source: Trade View
XRP price after short term consolidation or sideways movement within the symmetrical triangle formation gives a much anticipated bullish breakout with above average volume. Investors are trying to scale higher, but gains are limited to 200-EMA (exponential moving average) at $0.84.
Further, the advantage will be confirmed if the price tests the upper trendline of the triangle and then bounces back.
A move beyond 200-EMA will bring into play the highs of $0.91 made in February, which coincides with the horizontal resistance level. So it is a crucial level to trade.
On the downside, renewed selling pressure will push the price towards the 50-day EMA at $0.76 and retest the reliable support at $0.70.
A move above this level will accelerate downward momentum at the horizontal support level of $0.60.
XRP has depreciated from its record high of 1.43 on Sept. 6 with a nearly 60% drop. In late January, XRP price hit all-time lows near $0.55 and rose 80% to swing highs of $0.91.
Technical indicators:
RSI: The daily relative strength index is at 51 above the average line. Any rise in the indicator supports the bullish outlook.
MACD: The moving average convergence crosses just above the centerline with an upward trend.
As of publication, XRP/USD is trading at $0.79, down 1.21% for the day.
Disclaimer
The content presented may contain the personal opinion of the author and is subject to market conditions. Do your market research before investing in cryptocurrencies. The author or publication is not responsible for your personal financial loss.
About the author
This post XRP Price Forecast: Remains Under Pressure Near 200-EMA; Aim for $0.90 Next?
was published first on https://coingape.com/markets/xrp-price-prediction-remains-pressured-near-200-ema-aim-for-0-90-next/
