Bullish Pattern Breakout: XRP Price for a 30% Increase
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Brian Bollinger A sudden buying pressure in crypto markets encourages XRP prices to rise for a bullish breakout of the flag pattern. This pattern is a bull rally market with a long pole and minor correction between two downsloping trendslines. Thus, the technical step-up offers a directional rally target the same distance as the length of the pole.advertisementKey points: Low volume retest to the breach trendline indicates the traders are betting on long position trade.
Multiple resistance is created by the EMAs (20, 50, 100, 200) trading above coin price.
The intraday trading volume at the XRP price was $807 Million, which indicates a 27% loss.
Source: Tradingview. XRP coin saw a minor correction at $0.41 resistance amid the uncertainty in the crypto market. The daily technical chart showed that this minor pullback was part of a flag pattern. This bullish continuation could show a minor retracement of the two downsloping trendslines. This correction phase absorbs excessive buying pressure and prepares buyers to take part in the next bull run. Trending StoriesThe crypto market experienced a sudden buying frenzy on December 13th due to the less-than-expected CPI numbers. XRP prices jumped 3%, and the trendline resistance patternline was breached. This led to an upside breakout of the XRP price. XRP trades at $0.39 and shows a retest of the breached trendline. Furthermore, a long-tail rejection attached to the daily candle with decreased volume indicates price sustainability above the new flipped support.Therefore, a post-retest rally may drive the price 30% higher to the $0.5 mark.On a contrary note, a daily-candle closing below the breached trendline will undermine the bullish thesis.Technical IndicatorEMAs: along with the pattern breakout, the XRP price pierced the 20-day EMA slope this reclaimed Ema will act as suitable support bolstering the potential price recovery rally.advertisementMACD: the rising MACD and signal line shows gradual growth in bullish momentum. The buyers will also gain confirmation of price recovery if the slopes rise above the neutral line.
Volatility is high
Resistance level: $0.41 and $0.44
Support level- $0. Support level- $0.
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