XRP price is ready to move upward while forming an ascending triangle pattern
XRP is one of the worst-performing cryptocurrencies in 2019. Although the fundamentals are still quite strong when there are many cases of the actual adoption but still can not drive the price up. Part of the reason for this is the fact that Ripple sell-off tokens. This is also the problem that XRP community is having a headache.
A leading analyst recently noted that No.3 is about to witness a strong fluctuation in the intense struggle between both cows and bears, creating tighter price action.
Trader Big Cheds said the tightness of the Bollinger Bands is particularly evident for XRP. Altcoin’s daily Bollinger band has not seen such tightness since March, implying that volatility is going well.
— Big Cheds (@BigCheds) December 14, 2019
Low-$ 0.20 has become a strong support area for the altcoin. The existing buying pressure in this area is sufficient to halt the decline XRP witnessed in early November when it dropped to a low below $ 0.20 before rebounding. Since the move, the token has been flat, prices have found support around $ 0.20 and resistance around $ 0.24.
XRP/USD chart. Source: Trading View
Meanwhile, the XRP / BTC trading pair has been consolidating in the range of 0.000029 to 0.000033. In the short term, it seems that 0.00004000 is an important resistance level for XRP since this is the time it peaked in late October when the market rallied.
Livercoin analyst talked about this resistance in a recent tweet. In his opinion, this level will be retested after crossing the upper boundary of the above trading range.
$XRP has yet to test the significant 4000 level as resistance.
— Livercoin (@livercoin) December 13, 2019
In the long-term, XRP is likely to form a rising triangle bottom. It is marked by a series of higher highs, horizontal upper resistance and tightening price action, popular analyst CryptoWolf observed. This implies that a breakout will occur when the triangle is near its top.
This view was proved by Senor Satoshi. He also recently noted that XRP is forming a positive price pattern on a medium-term chart. A break above the upper boundary of the triangle will result in a 13% increase. There is strong support of around $ 0.214, adding fuel to the bullish view, he added.
#XRP is contained within an ascending triangle.
Breaking the upper boundary will result in a 12.5% surge.
— Señor Satoshi (@SatoshiLatino) December 12, 2019
A key factor that could drive the price of XRP up is the launch of Xpring.io, the Ripple-sponsored XRP development platform and coding suite, as AZCoin News reported. The platform will focus on providing the ability to integrate payments into mobile applications for developers in and out of the cryptocurrency space.
Disclaimer: This is not trading advice. Investors should research carefully before making a decision. We are not responsible for your investment decisions.
- XRP Price Maybe Will Start To Rally Sharply If Breaking Out Above $ 0.26
- Ripple Unlocked 1,000,000,000 XRP From Escrow, Raise Questions About Performance