XRP Price Prediction, Shrinkage Threat or Renewal Spark

29-11-2023 By: Lokesh Gupta
XRP Price Prediction, Shrinkage Threat or Renewal Spark

XRP price poised for breakout with daily chart falling wedge pattern.

  • According to Coingabbar Price Analysis, XRP's daily chart exhibits a falling wedge pattern, indicating an imminent breakout signaling either a reversal or continuation.

  • Characterized by lower highs and lower lows during consolidation, validation requires a decisive move above the wedge.

  • Despite facing resistance at monthly highs, XRP remains resilient within a descending parallel channel.

  • Bouncing back from lower support, it successfully defended the ascending trend line, showcasing strength.

  • Presently, XRP is actively attempting to breach the upper resistance of the channel.

  • A breakout is expected to coincide with increased volume, signifying heightened trader interest in long positions for XRP.

  • Momentum indicators support a potential 20% ascent to $0.75, mirroring the pattern's height.

  • Adding credence to the bullish outlook is the potential presence of a bull flag pattern on the daily chart.

  • Confirmation of the bull flag pattern could serve as a catalyst, propelling XRP toward the short-term target of $0.74.

KEY LEVELS :

RESISTANCE LEVEL : $0.6250-$0.6400

SUPPORT LEVEL : $0.5950-$0.5800

Disclaimer: Crypto is not regulated and can offer considerable risks. There may be no regulatory remedies available in the event of any losses resulting from price analysis. As a result, before engaging in any transactions involving crypto products, each investor must perform in-depth examination or seek independent advice.

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