XRP’s price to note growth as coin breaches ascending triangle pattern
XRP’s price has been stuck between $0.25 and $0.23 for the most part of 2019. Even when the price of the coin noted a rise on 17 September, the price peaked at $0.32 and fell back to its comfort zone. With the price of the coin being near the bottom, a strong push may be needed.
Short-term charts indicated that when the push comes to shove, XRP’s price will rise again.
1-hour
One-hour chart of XRP formed a descending channel, characterized by connecting lower highs at $0.2444, $0.2423, $0.2410, and $0.2398 and lower lows at $0.2411, and $0.2390. The falling price of XRP along this channel may result in a bullish breakout.
50 moving average was under the 100 moving average due to a recent crossover; this crossover resulted in the reversal of the trend and made it a bearish one. MACD line affirmed bearish reign as it stood under the signal line.
4-hour
XRP’s 4-hour chart showed formation of an ascending triangle. This bullish pattern has been characterized by two trend lines, one that connects higher lows at $0.2244, $0.2292, and $0.2367, while a horizontal line marked the resistance at $0.2499. The breakout of this pattern may push the price of XRP up.
Even though 50 moving average was under 100 moving average, MACD indicated a bullish market as MACD line was above the signal line after a recent crossover.
Conclusion
The one-hour chart and four-hour chart indicate formation of two bullish patterns, in turn suggesting a likely increase in the price of the third-largest crypto.
OhNoCrypto
via https://www.ohnocrypto.com
Namrata Shukla, Khareem Sudlow