- XRP is in a symmetrical triangle, which means that a breakout could happen in either direction.
In the past few months, XRP was hard to predict as it coiled up above key support levels. Now that a symmetrical triangle has formed, it makes sense that prices have been moving all over the place since the crypto market crashed in May.
After witnessing a difficult trading environment in May, market players awaited the direction of the XRP price. There have been sell-offs, fake-outs, and bull traps, which are currently being collected into a coherent narrative for XRP holders.
At the time of publication, XRP was trading about $0.39, If bulls manage to build a four-hour closing candlestick above $0.4077, encompassed by the triangle’s top trendline, a 22 percent increase to $0.489 is possible.
XRP’s rise was also helped by the fact that more people were talking about it. Data from Santiment showed that the social rally for the crypto was getting stronger. In the chart below, you can see that XRP’s social volume has been going up since May 28, when it hit a low point. On June 4, 224 times an hour were said about this. Unsurprisingly, the price rally caught up, and the coin went from being worth $0.30 on June 3 to being worth $0.39 now.
On the other hand, if the price falls below the mentioned level, sellers could push the price below around $0.388. By doing this, the bearish scenario would come into play. A drop could happen, which would put XRP back in the $0.30 area.
Disclaimer: The opinions expressed in the Blog are for general informational purposes only and are not intended to provide specific advice or recommendations for any individual or on any specific security or investment product. It is only intended to provide education about the financial industry. Please do your own research.