XRP Consolidates In Expectation Of 30% Motion

  • XRP price moves within an ascending parallel channel pattern that lacks a clear path for the next direction.
  • A 4 hour close above or below the channel confirms 30% movement in that direction.
  • On the flip side, this cryptocurrency can target $ 0.75, but when sales orders pile up, it can target the $ 0.46 support level.

The XRP price has consolidated in a tight range over the past two weeks. Although this altcoin appears to be in an uptrend making a series of higher highs and higher lows, there are two critical levels that determine where it goes next.

Ripple price is preparing for a 30% breakout

The XRP price fell to $ 0.35 on February 2 after rising to an annual high of $ 0.76. After the massive downturn, this cryptocurrency formed an ascending channel that it has been on for the past two weeks.

At the time of writing, XRP price is hovering around the broadcaster’s upper trendline at $ 0.55, waiting to establish a clear trend.

The last time Ripple’s native cryptocurrency tested this resistance barrier, it was rejected, resulting in a 20% correction. Hence, it is important that the XRP price cuts the overhead barrier and closes above $ 0.57. This would start a new uptrend that could push XRP’s market value by 30% and hit a target of $ 0.75.

XRP / USDT 4-hour chart

However, an increase in selling pressure around the current level could trigger another rejection of the station’s upper trendline. This may result in a slow correction towards the $ 0.46 50 hour moving average.

XRP / USDT 4-hour chart

XRP / USDT 4-hour chart

If the number of sell orders behind XRP is significant enough, the 50 four hour moving average may not keep the falling price in check. In such pessimistic circumstances, Ripple price could fall towards the four-hour moving average of 100 or 200.

These support levels are at $ 0.40 and $ 0.35, respectively.

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