XRP Breaks the Bearish Pattern, Soars Above $0.5: Here’s What to Expect Next From Ripple Price Rally
The post XRP Breaks the Bearish Pattern, Soars Above $0.5: Here’s What to Expect Next From Ripple Price Rally appeared first on Coinpedia Fintech News
The crypto markets have turned volatile as the tokens are manifesting huge price action in a very short time frame. XRP price which broke down the pattern, was expected to clinch fresh bottoms beyond $0.4 while the bulls entered at the right time and triggered a healthy upswing. However, the price is yet to secure one of the pivotal resistance which may further validate the fresh ascending trend soon.
The XRP price was trading within a falling wedge and instead of breaking above the pattern, the levels slumped down. The token has now reached the crucial resistance zone between $0.501 and $0.505. The levels have raised beyond the range and if the price settles above the range at the day’s end, then a fine ascending trend may begin. Now the question emerges whether the XRP price make it to $0.6 in the coming week.
The latest upswing has elevated the levels to the crucial resistance and hence an extended ascending trend is expected for the next few days. The RSI remains elevated while the DMI has triggered a bullish crossover. Meanwhile, the ADX triggered a bearish divergence which suggests the price may remain consolidated until it reaches the next resistance zone between $0.5373 and $0.5416. However, the crucial resistance continues to remain settled at $0.5444 which is at 200-day MA, which may validate a fine ascending trend hereafter.
The XRP price has surged over 14% since the last trading day and secured levels above $0.5. The rise in bullish momentum displays the possibility of either a consistent ascending trend, a minor pullback, or a horizontal consolidation if the bulls face exhaustion, falling weak after a fine rise. Therefore, the upcoming weekend may have a huge impact on the Ripple (XRP) price rally, as a bullish close may trigger a healthy upswing for the rest of the month.
