XRP Price Prediction: Will We Finally Break Out of the Symmetrical Triangle?
A look at the Weekly chart for XRP shows that the price is trading at $0.32, slightly above the support line near $0.3.
The next support area can be found near $0.15, while the closest resistance area is found near $0.45.
The price is trading below the 21 and 50-period moving averages and the negative Ichimoku cloud.
The RSI is at 43, indicating neither overbought nor oversold conditions.
On a more positive note, the MACD has made a bullish cross and is moving upward with strength.
A look at the 3-day chart shows that the price is facing very close resistance from the 21-period MA.
We also have the minor support area near $0.4, coinciding with the 50-period MA and the edge of the Ichimoku cloud.
The MACD has made a bullish cross and is moving upward, but is not positive yet.
A look at the Daily chart shows that the price has been trading inside a symmetrical triangle for the past 37 days.
The support line has been validated four times.
Furthermore, the MACD is undecided between making or rejecting a bullish cross.
Short-Term Outlook and Price Prediction
A look at the 6-hour chart shows that price has been closely following the support line outlined in the Daily chart.
Furthermore, it has made two unsuccessful attempts at breaking out above $0.35.
The volume on bearish candle has been larger than that on bullish candles, but not by a lot.
Finally, the price is trading above the 21,50 and 200-period moving averages and has found support above them.
I believe that price will consolidate near the support line and ultimately validate it once more.
- The price is trading below the long-term moving averages.
- The price is trading inside a symmetrical triangle.
- There is resistance near $0.45.
- There is support near $0.3.
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