XRP Price Analysis: XRP Token Breaks Out Of The Symmetrical Triangle With Almost 30% boost in value
- XRP token price, in the 4-hour, has broken out of a symmetrical triangle with an almost 30% price boost.
- The Coin has taken support from the 200 EMA daily but struggles to break the 100 EMA.
- The XRP/BTC pair trades at 0.00002725 BTC with an intraday gain of 10.83%.
XRP token price has broken out of the symmetrical triangle in the 4-hour timeframe. The coin price trades above the 50 EMA of the same time frame but struggles to rise above the 100 EMA. In short, despite the breakout, coin price still trades below 100 and 200 EMA.
The increase in buying volume and the breaching of 50 EMA has been developing bullish sentiments in the technical chart of XRP/USD. One can hope for the continuation of the uptrend, but the bigger picture doubts the competence of bulls. Presently, the XRP token trades at $1.01 with an intraday trading volume of $6,088,660,518, which is a 16.8% boost. The Coin ranks at number 6 as per the market cap.
200 EMA Halts The Bears and Pushes XRP Token Up Once Again
Source – tradingview
According to the daily timeframe, the XRP token price has formed a double bottom pattern while trading between 200 and 100 EMA. The intraday volume has been on a declining slope before the breakout of the symmetrical triangle. According to the pivot points of 4-hour, the coin price might find some support near $0.90. On the flip side, the Coin may find some resistance near $1.08 and $1.25.
The coin price is trading closely between the 200 (white) and 100(green) EMA indicating accumulation as per the daily timeframe. The increased buying volume is something investors might want to check before buying the dip.
The RSI (losing bullishness) indicates slowing bullish momentum while trading at 57. The RSI line has dipped and is now heading lower in the oversold region.
The ADX reflects an increased trend momentum as the slope in ADX is prepping up to move higher.
Conclusion – XRP token price broke out of a symmetrical triangle but faced resistance from 100 EMA. Opposition from the EMA might result in a price reversal. The fruition of the double bottom pattern in the price chart is very close. Investors might find a better entry opportunity when the price breaches the 100 EMA coupled with the double bottom breakout.
Support – $0.90.
Resistance -$1.08 and $1.25.