Cryptocurrency market participants are paying attention to Ripple. The coin has been bouncing between trend lines, forming what analysts call a symmetrical triangle pattern. As a result of a pattern that has been tracked since 2018, this digital asset could be set for a big move – but how?
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From keen market watchers predicting that XRP could soon take off to those walking on eggshells, the crypto community is awash in speculation. The pattern shows a fight between buyers and sellers, which could indicate that it is poised to explode — or collapse — in value once that fight is over.
XRP Technical Indicators: A Combination of Indicators
XRP price The cryptocurrency has held steady at the $0.57 level, which is considered a key support level. Historically, this level has held up well and kept the coin from falling to very low levels.
Recently, trading volume has been on the rise, which often indicates that something big is about to happen. If XRP breaks the upper trend line of the triangle, bulls could take control, pushing the price to new highs.
#XRP Incoming hack
XRP price has been consolidating inside a symmetrical triangle since 2018 indicating a potential breakout With strong support around $0.38 and increasing volume, 2024 could be the year of a major bullish move. Keep an eye on XRP, big things could be ahead pic.twitter.com/5MsehzASG6
— Khaif.03 🇮🇳 (@khaif_03) August 10, 2024
While some, like analyst Xaif.03, are predicting a rise to $100, that’s a bit far-fetched at this point without concrete evidence. But these people are able to see better than the average soul.
But things are not looking good. The RSI has reached 54, which is in the middle of the scale. This reading indicates that the market is neither overbought nor oversold, and therefore the door is open for a rally or further consolidation.
XRP bullish case
Despite some levels of uncertainty, some analysts are still on the bullish side. Alan Santana, a prominent figure in the crypto space, believes that XRP is currently in an accumulation phase. According to him, the coin is following a bear market in such a phase before its price rises significantly.
✴️ XRP Bullish Market Accumulation Zone Before 2025 and Strategy
Dear friends…
XRP has been accumulating since June 2022, when looking at the bigger picture. The 2023 bull run was just a small wave compared to the proportions of the bull market. “Wave 1” of a much larger wave… pic.twitter.com/15LWLOxPcp
– Alan Santana (@ lamatrades1111) August 10, 2024
Based on his predictions, if the XRP bear market in 2022 is followed by a recovery year in 2023, this paves the way for accumulation in 2024. This has happened once; therefore, we can expect a strong rally for XRP in 2024, or the year after. Of course, crypto markets are unpredictable, and past performance does not always guarantee future results.
Skeptics and the Way Forward
However, not everyone is convinced that XRP is in the midst of a breakout. Some analysts have warned that while the symmetrical triangle pattern is powerful, it doesn’t always work. The market can easily move sideways for months, which can frustrate traders.
Ripple technical analysis on 3-day time frame
In our previous analysis of XRP, we noticed that the 50EMA and 0.618 FIB levels acted as resistance. Eventually, the price broke through these levels and reclaimed the resistance trend line at $0.63.
Currently, XRP is trending towards… https://t.co/7qvnJhiZuE pic.twitter.com/AH5AddwVTu
— Cryptorphic (@Cryptorphic1) August 9, 2024
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Another analyst, Cryptorphic, also emphasized some resistance levels that the altcoin needs to break to prevent further decline in value. He noted that support around $0.41-0.42 was quite strong, but without a major news buildup in favor of XRP’s rise, it will be difficult to find it at this time.
Featured image from Fortune, chart from TradingView