Connect with us
Active Currencies 15583
Market Cap $3,455,528,410,768.00
Bitcoin Share 55.82%
24h Market Cap Change $-3.02

XRP may witness a breach of ascending triangle pushing its price upward

2min Read
XRP may breach a bullish pattern after months of bearish setups and consolidation

Share this article

After being hauled through the bearish market for the most part of the year, XRP’s price has finally seen some growth. The third-largest coin fell by almost 17% in the month of August but has shown signs of recovery as a strong bullish momentum makes way to the market in short-term.

Current growth of the market noted a 1.62% growth in the past hour that pushed the coin’s price to $0.2543.

1-hour

XRP’s 1-hour chart painted a bullish picture as formation of an ascending triangle is underway. Conceived as a bullish formation, ascending triangle is defined by a horizontal line that connects the swing highs at $0.2564, followed by a rising trend line marking the swing lows at $0.2505, $0.2509, and $0.2515. Volume of XRP also was observed rising over time, affirming a bullish breakout as the price further consolidates.

50 moving average was under the 100 moving average but noted returns of 0.53% within this period. However, growth in price could just be a recovery effort made by the struggling coin. MACD line rests under the signal line, 1-hour chart remained bearish.

4-hour

4-hour chart of the coin reported a formation of a symmetrical triangle characterized by two converging lines. Upper trend line bridged lower highs at $0.2681, $0.2643, and $0.2629, while lower trend line connected higher lows at $0.2461, $0.2502, and $0.2504. The pattern represented a consolidating price and may break upwards or downwards.

With 50 moving average under the 100 moving average for 35 days, the coin has noted a loss of 13.97% in valuation. However, MACD line is treading underneath the signal line and a crossover may be imminent, reversing the trend to a bullish one.

Conclusion: 

With the price of XRP consolidating within the ascending triangle a bullish breakout may be imminent. Whereas, the symmetrical triangle might show a bullish leaning as MACD switches the current trend.

Share

Namrata is a full-time journalist at AMBCrypto covering the US and Indian market. A graduate in Mass communication, while majoring in Journalism, she 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.