XRP’s breach of ascending channel may welcome buyers in the market

XRP’s movement in the market has been undergoing a crest and trough-like movement since the beginning of 2019, however, there have been spurts of growth noted. The third-largest coin momentarily breached the psychological support at $0.30, but the price receded under $0.30, soon after.

The longer-term chart of XRP suggested formation of a bearish pattern extending for a long time. The breach of this pattern could lead to a fall in XRP price.

4-hour

Source: XRP/USD on TradingView

The 4-hour chart of XRP reported the formation of an ascending channel for almost a month. This channel characterized by two rising trend lines connected the higher highs at $0.2502, $0.2614, $0.2843, and $0.3031 and higher lows at $0.2212, $0.2420, and $0.2822. The coin has reported 20.40% growth within the channel from $0.2405 to $0.2895 which might drop with the breach of the pattern.

The market, at press time, appeared bullish as 50 moving average rested above 100 moving average and reported a 4.20% hike in XRP price since the crossover.

Source: XRP/USD on TradingView

MACD indicator proposed a bearish trend in the XRP market as MACD line underwent a crossover with the signal line. Relative Strength Index remained within the zone indicating the buying and selling pressures have reached equilibrium.

Conclusion

The upward climb of XRP might get hit with the breach of ascending channel and as per the previous trend, the price of the coin might get negated.