XRP price extends sideways move with significant losses on Thursday. XRP has continued to trade below $0.80 since the beginning of March. The price failed to sustain the recent 20% gain and started creeping into the ‘symmetrical triangle’ formation from Feb. 9.
XRP price is trading lower with significant losses. A breakout of less than $0.70 within a symmetrical triangle will trigger another round of selling. Momentum oscillators remain neutral to warn of aggressive bids.
XRP price apparently broke away from the downtrend in February. However, the advantage stalled at $0.91 with the formation of an ‘Evening star’ formation.
XRP Price Awaits Breakthrough
Source: Trade View
On the daily chart, XRP price is consolidating within the ‘symmetrical triangle’, a breakout is underway to establish further directional foundation. If the price breaks through the low of the session and closes decisively lower, more pain for XRP is visible in the charts. Because it already remains under pressure at 50-day EMA (exponential moving average) at $0.7547.
A breach of the crucial $70.0 will extend the selloff towards the $60.0 horizontal support line.
On the other hand, a resurgence in buying pressure could result in a breakout of the pattern. The first upward filter is placed at the crucial level of $80.0.
A continuation of the bullish pressure will then wipe out the February 9 highs at $0.91.
Technical indicators:
RSI: The daily Relative Strength Index is falling below the average line with a bearish bias. It currently stands at 47.
MACD: The moving average convergence divergence has been hovering near the centerline with no clear direction since March 1.
OBV: The On Balance Volume indicates that the supply increases as the price falls.
As of release, XRP/USD is trading at $0.72, down 4.71% for the day.
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This post XRP Price Prediction: Moves Inside Symmetric Triangle, Breakout Coming Toward $0.70?
was published first on https://coingape.com/markets/xrp-price-prediction-moves-inside-symmetrical-triangle-a-breakout-toward-0-70-is-coming/
