XRP has been recording a sharp rise in its price after being beaten by the bears in the beginning of 2019. The third-largest coin’s price has pushed itself to $0.2904, after being restricted within the $0.25 and $0.23 bracket for a long time. However, the rising price of the coin might have to face obstructions in the short-term with the formation of bearish patterns.
The one-hour chart for XRP recorded an ascending channel stretching across the chart. Characterized by two upward sloping parallel lines, the ascending channel marked higher highs for XRP at $0.2612, $0.2835, and $0.2933 and higher lows at $0.2376, $0.2475, and $0.2655. According to the nature of the pattern, a breakout might take place towards the bearish end when the coin breaches out of the pattern.
The moving average 50 overtook moving average 100 almost 6 days ago and since the, has recorded a growth of 5.84%. However, the previous trend noted the rise in the price of the coin by a whopping 22.79% within 10 days. The coin climbed from being valued at $0.2330 to $0.2861. MACD indicator also reflected on the current bullish trend in the XRP market.
XRP’s 4-hour chart reported the formation of an ascending triangle that marked higher highs at $0.2699, $0.2770, and $0.2933 and higher lows at $0.2708, $0.2748, and $0.2823. As the coin’s price consolidates within the channel, a downward breakout for XRP could be imminent.
The XRP market, at press time, appeared bullish as the moving average 50 was above the 100 moving average after a crossover. Previously, when 50 moving average was above the 100 moving average, XRP gained 6.53% in value. MACD indicator also suggested a bullish market, however, with reduced momentum.
According to the one-hour chart and the four-hour chart, XRP might experience a fall in its price with the breach of ascending channel.