XRP Price Prediction – Movement Within a Symmetrical Triangle
A look at the Weekly chart in logarithmic form for XRP shows that price fell to the support area of $0.25-0.30 and a bounce ensued.
Price found resistance at $0.42 and formed a spinning top candle (yellow arrow) indicating indecision.
Currently, the price is hovering around $0.35.
A look at the 3-day chart shows that price is facing resistance from all the moving averages.
Furthermore, the 7 and 21 period MAs have made a bearish cross.
While there is a place in the cloud in which price can make a breakout, it seems unlikely because of the significant amount of resistance.
A look at the daily chart shows that price is moving in a symmetrical triangle and has been so for the past four months.
The RSI is at 50, indicating neither overbought nor oversold conditions.
However, the MACD is losing steam and looks ready to make a bearish cross.
Because of the indecision, it seems unlikely that price breaks out/down from the resistance/support respectively during the next 50 days.
Thus, the price is likely to hover in the $0.3-0.4 area.
Short-Term Outlook and Price Prediction
A look at the 12-hour chart gives a little more information about where price might be headed.
Price reversed after hitting $0.45 and is developing bearish divergence.
The RSI is at 50, indicating indecision. However, the MACD has almost crossed below 0, a negative sign.
Therefore, I believe it is more likely that price first falls down to support at around $0.3.
Then, I believe that during the next 50 days price will trade inside the symmetrical triangle outlined on the Daily chart.
- Price shows indecision.
- Price is moving in a symmetrical triangle.
- Price is moving in the $0.3-0.4 area.
- XRP Price Prediction – Price will first decline to $0.3 then trade within the triangle pattern for the next 50 days.
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XRP Price Prediction – Movement Within a Symmetrical Triangle was originally found on copy trading cryptocurrency | Blockchain News | Bitcoin News | blokt.com.