XRP Price Prediction: A Triple Bottom or a Cup and Handle Pattern?
A look at the Weekly chart for XRP shows that the price is trading at $0.3, right above the long-term support area at $0.26-$0.29.
If the support area fails, the next one will be found near $0.15.
The RSI is at 41, indicating neither overbought nor oversold conditions.
The MACD seems to be getting ready to make a bullish cross, but there has been minimal movement over the past two months.
Price is trading below all moving averages and the cloud.
While the 21-period MA looked to be steadying, it recently made a sharp turn and is now falling again.
A look at the 3-day chart gives a more bullish outlook.
First, there is a slight bullish divergence in the RSI.
Secondly, the MACD is very close to making a bullish cross, albeit without significant strength.
Finally, the 21-period MA is steadying and moving up.
The Daily chart shows that there is a significant bullish divergence between price and the RSI.
However, the MACD seems to be losing power.
Furthermore, the price has either made a triple bottom (bullish) or is in the process of finishing a cup and handle pattern (bearish).
Short-Term Outlook and Price Prediction
A look at the 6-hour chart finally gives us a structure in which price is trading in.
We can see that price has been trading in a descending wedge since December 24 and recently broke out of it.
Then, the price came back and validated the resistance line.
This development makes the triple bottom scenario more likely than the cup and handles one.
Currently, the price is trading between a minor resistance area near $0.33 and a minor support area near $0.28.
XRP Price Prediction:
I believe that during this week price will move up to the minor resistance area near $0.33
- Price is very close to the support area of $0.26-$0.29.
- Price has seemingly made a triple bottom.
- Price has recently broken out of the descending wedge and validated the resistance line.
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