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XRP to ascend with descending broadening wedge pattern

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XRP's price could be boosted by descending broadening wedge pattern formation

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XRP crossed a major barrier this week by breaching $30-key level but fell shortly after. After a surge of 2.05% over the past 24-hours, XRP rose to a valuation of $0.29, at press time. Lately, XRP’s price has been following an uptrend and as bears continued to dominate the market, a potential bullish breakout could be at the horizon.

XRP’s price could breakout on the positive side

Source: XRP/USD on TradingView

XRP’s long-term chart predicted a potential upside breakout with the formation of descending broadening wedge pattern. The gradual increase in volume further confirmed the validity of the pattern.

200 moving average continued to act as a key resistance level for XRP. The moving averages sustained a bearish crossover in September last week and have been on a bearish trail since. A trend reversal with the formation of descending wedge pattern could lead 100 moving average to move above 200 moving average.

A breakout on the positive side would mean the price breaching several key levels. While the immediate resistance point stood at the recently hit $30-mark, another key level stood at $0.40, while the support stood untested at $0.246.

Source: XRP/USD on TradingView

MACD line was above the signal line indicating a bullish period for the coin in the near-term.

Conclusion:

XRP’s long-term chart predicted a potential price breakout on the positive side. The bears continued to rule XRP’s price since the collective market fall on September 24th and the above pattern formation predicted the bulls rising

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Chayanika is a full-time cryptocurrency journalist at AMBCrypto. A graduate in Political Science and Journalism, her writing is centered around regulation and policy-making regarding the cryptocurrency sector.
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