XRP price is entering the water on Monday as trading remained lower for over a month. XRP downtrend could see a backlash as the price hovers near the critical support zone. Technical indicators remain neutral, suggesting that the price could further consolidate.

XRP price is trading with minute gains as it manages to pause further declines. Expect a bullish breakout if the price hovers within a ‘symmetrical’ triangle pattern. XRP is set for a bullish impulse near the critical support level.

XRP Price Looking for an Upward Reversal

Source: Trade View

XRP price appears to have entered another support area as it moves inside the “symmetrical” triangle formation. The symmetrical triangle formation is formed when the price makes higher lows and lower highs, where the final price converges at the inflection point. Then a breakout occurs, either up or down depending on other market conditions.

Currently, XRP price is resting on the channel’s rising trendline which also coincides with the pivotal 50-day EMA (exponential moving average) at $0.75. An above-average volume, however, indicates strength in the current price trend.

A resurgence in buying pressure will test the triangle’s upper trendline at $0.83. Extended positive momentum could bring $0.90 into play.

Alternatively, a lower breakout from the current price level will negate the bullish outlook for the token. In the case of downward momentum, the first target could be found at the horizontal resistance level of $0.70.

A spike in sell orders could lead to another sell-off as we target the February 24 lows at $0.62.

Technical indicators:

RSI: The daily relative strength index continues to run close to the mean line with no apparent directional bias. Any rise in the indicator could bolster the upside outlook.

MACD: The moving average convergence divergence hangs around the midline with a mild positive bias.

As of publishing time, XRP/USD is trading at $0.76, up 0.37% 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.

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This post XRP Price Prediction: Symmetric Triangle Pattern Breakout Awaits $0.90; Do you buy?

was published first on https://coingape.com/markets/xrp-price-prediction-symmetrical-triangle-pattern-breakout-awaits-for-0-90-are-you-buying/

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