-XRP is currently trading inside a symmetrical triangle, which usually acts as a continuation pattern. If the bulls can drive the price above the resistance line of the triangle, the altcoin could retest the 52-week high at $1.96.
-A breakout and close above $1.96 could start the next leg of the uptrend that may reach $2.68. The RSI has risen into the positive territory but the 20-day EMA ($1.43) is yet to turn up, which suggests that bears are likely to defend the resistance line aggressively.
-If the price turns down from the resistance line, the XRP/USDT pair could extend its stay inside the range for a few more days. The pair could turn negative if the bears sink and sustain the price below the triangle. Such a move may pull the price down to $0.88.
-The price has dipped to the moving averages on the 4-hour chart. If the pair rebounds off the current levels with strength, it will suggest buying on dips. The bulls will then try to push the price above the triangle.
-Alternatively, if the bears sink and sustain the price below the moving averages, the pair could drop to $1.35 and then to the support line of the triangle. A break below this support could signal an advantage to the bears.
Our Opinion on XRPUSDT: Very bullish, however, when the crypto market is taken as a whole, the Crypto Fear & Greed index and the recent volatility within the stock and crypto market shows the hesitancy of the investors. We suggest to wait for a drop to the support of the triangle and if the support will be maintained then to buy from the dip!
Incredible work here! I have a very similar idea, but I see price going a little further over time! Thank you!
caldooninvestment
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@CryptoGuru369 very possible! Your analyses are always accurate ☺️
Sultan_of_Chart
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Totally agree on this one. XRP has shown incredible strength against BTC during this correction and it looks like it wants to reach previous highs. I've been in this since May 5-- see here
DoYouMine
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In my experience in trading crypto is that these triangles, that are ‘traditionally’ continuation prone, do not have the same continuation potential. My experience is that in crypto these usually play out as reversals. We shall see which one this comes to be.
caldooninvestment
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@DoYouMine thats very true! Cryptos dont always follow the traditional patterns.