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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

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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.

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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.
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