While the rounds of the Ripple’s stands getting strengthened each day, XRP price may also be positively impacted. After a couple of retracements and corrections, the price is slightly in a recovery mode but still cements within the consolidation. And hence the outcome still remains pretty misty as the asset flashes both the possibility of breaking through the pattern and also plunging hard.
Coinpedia had earlier reported about the possible movement of the XRP price throughout the week. And currently, after a healthy consolidation, it appears that the asset is now ready to make a larger move. However, some bearish concerns also may hinder the rally. Yet the possibilities of a breakout appear to be more materialistic at the moment. Even though the asset breaks through the consolidation, a huge possibility of a retest may make its way out.
- The XRP price continues to maintain its trend within the same symmetrical triangle. Where-in the strength appears to be reduced as it gets closer to the apex
- While some of the indicators are pretty bullish, the RSI is neutral in the short time. And hence may flow according to the induced volume.
- The MACD showcases a slight accumulation of a buying volume that may be soon nullified by the sellers. As the volume is not up to the mark, required to eliminate the bearish trend
- Yet the Average Directional Index(ADX) which indictes the strength of the rally is slightly bullish and hence one can expect a minor uptrend until the day’s close
- On the other hand, Average True Range(ATR) is indicating that the asset is less volatile and hence no drastic price movement may be recorded.
While the chart suggests a clear bullish trend, the technique does not suggest any clear indication for the upcoming trend. And hence all eye’s maybe on the Ripple vs SEC case advancement that may induce some volatility in the asset. Therefore eventually, XRP price may get a larger boost to reach out to the much-awaited $1 target initially.
Written by: Sahana Vibhute
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