XRP looks to build momentum as altcoin plots another bullish breach

XRP despite exhibiting any significant price rally in 2019 managed to hold its third spot on the CoinMarketCap ranking. The altcoin was trading at $0.276 at press time, having seen a 1,93% rise on the 24-hour price chart.

4-Hour Price Chart

Source: XRP/USD on TradingView

XRP looked bullish on the 4-hour price chart, as it first breached the symmetrical triangle and then formed another descending channel, both considered a sign of bullish sentiment. A descending channel is characterized by two parallel falling lines where the lower highs formed at $0.285, $0.283 and $0.276. The lower lows formed at $0.273, $0.266 and $0.265. XRP is well set for an upward breakout.

The prices remained under ema-ribbon, which is considered as a bullish sign. The price volatility was high since 7th October but it has reduced in the last couple of days. A breach of the pattern might push XRP prices toward $0.2874 in the next couple of days.

Source: XRP/USD on TradingView

At press time MACD line was under the signal line, however, it was on the verge of a bullish crossover which might take place as soon as the altcoin breaches the descending channel. Thus, the market sentiment looked bullish for XRP in the short term.

Conclusion

XRP was looking bullish on the 4-hour price chart as the cryptocurrency formed a descending channel right after a bullish breakout from the symmetrical triangle. The price was below the ema candle with declining volatility which is considered bullish. MACD line was also on the verge of a bullish crossover which also suggested the market sentiments were bullish in the short-term.