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Vikram
Mar 11, 2022
by Vikram

XRP Technical Analysis: Trend Ready To Outgrow Symmetrical Triangle

XRP
The XRP coin price fills up the symmetrical triangle pattern formation in the daily chart, increasing the chances of a breakout-driven trend.

Key technical points:

  • XRP coin price is soon to outgrow the triangle pattern.

  • The altcoin price moves along the 50-day EMA.

  • The 24-hour trading volume of Ripple is $2.09 Billion, marking a 20% fall. 

    • Past Performance of XRP

    The XRP coin price takes support at the ascending trendline of the triangle pattern, indicating the possibility of a bullish reversal. However, the bottled-up triangle pattern may fail to hold the bullish reversal, but the 3.84% bearish candle diminishes the case of a high momentum reversal. 

    TradingView Chart

    XRP Technical Analysis 

    XRP coin price is ready to dump the carcass of the symmetrical triangle and bring a breakout rally. However, sideways movement over the weeks demands a surge in trading volume for a reliable breakout trend.

    The flattish 50-day EMA moves along with the choppy price action indicate a trapped trend momentum. Hence, a potential upside breakout can result in a rally to the 200-day EMA.

    RSI Indicator: The RSI slope imitates the flat price action near the 50% mark with no significant divergence in the picture. Therefore, a surge at any side will provide a trading opportunity.

    Stochastic RSI Indicator: The K and D lines rise higher after undermining the choppiness near the central line. However, the strings indicate a potential bearish crossover which increases the chances of the triangle fallout.

    In a nutshell, XRP technical analysis projects an excellent trading opportunity with the triangle breakout. 

    Upcoming Trend

    XRP coin price will generate a buying opportunity if the trend surpasses the resistance trendline. The upside breakout may potentially approach the 200-day EMA, accounting for a price surge of 10%. However, if the buyers maintain trend control, the rally could reach the $1 mark. 

    Contrarily, on the lower side, the fallout trend could bring a 20% discount as the prices may reach the $0.58 mark.

    Support Levels: $0.65 and $0.58

    Resistance Levels: $0.85 and $1

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    XRP Technical Analysis: Trend Ready To Outgrow Symmetrical Triangle
    Vikram
    Vikram is a technical analyst with several years of experience in the crypto market & Indian Equity and F&O Segment. He loves to learn anything and everything related to finance. He possesses strong technical and analytical skills, which he leverages to acquaint our audience with upcoming price trends for different coins.

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