Connect with us
Active Currencies 14774
Market Cap $2,512,809,150,954.30
Bitcoin Share 51.67%
24h Market Cap Change $-2.01

XRP could rise through broadening wedge to $0.31 next week

2min Read

Share this article

XRP has never been shy about its volatility, presenting cryptocurrency traders and community members alike just how much its value can fluctuate, given the opportunity. So its 21% rise over the last 45 days comes as no surprise, with a value of $0.278 at the time of writing. XRP also boasts a market cap of over $12.1 billion and a daily trading volume of $1.7 billion, with a -0.24% decline since the previous day according to CoinMarketCap. It was traded most on the ZBG exchange, which accounted for 9.4% of trading volume in the last 24 hours.

XRP 4-hour chart


Source: XRPUSD on TradingView

XRP looked to have entered an ascending broadening wedge pattern in mid-October, oscillating between the two trend lines since. Trading volumes seemed irregular, with a slight uptrend over the period, as is the case 65% of the time for this kind of pattern. Ascending broadening wedge patterns tend to exhibit downward breakouts 52% of the time, but this gives the price an almost equal opportunity to break upwards instead.

MACD showed the signal line moving above the MACD line after a bearish crossover took place on November 7th. The MACD line also looks poised for lift-off, indicating a bullish crossover could take place in the next few days.

The Volume Profile Visible Range indicator showed XRP entering into a price range that lies in an area that has more low volume nodes, indicating the potential for a swift move to higher volume node values. This could either be at around $0.27 or $0.29, however an overall decreasing trend in trading volumes towards the end of the price chart makes it is unlikely XRP will move down to a high volume node at a lower price point.

It’s possible that XRP will continue along the pattern, moving up to around $0.29 in the near future, and a bull market might continue to occur till its value crosses the $0.31 mark. At that point, it will have to test the pattern boundary to either break out upwards or bounce back down to between $0.28 and $0.30 in the coming weeks.


Manu is a full-time journalist at AMBCrypto covering the US and Indian markets. A graduate in engineering, he writes mainly about regulations and its impact with a focus on technological advancements in the crypto space.
Read the best crypto stories of the day in less than 5 minutes
Subscribe to get it daily in your inbox.
Please check the format of your first name and/or email address.

Thank you for subscribing to Unhashed.