November 1, 2023
The XRP price recently broke free from a two-month-long accumulation phase, indicated by its exit from a triangle pattern. This breakout resulted in an 11% gain, pushing the coin's price from $0.54 to its current trading level of $0.6. However, given the current market volatility, the question remains: can buyers sustain this momentum?
The completion of the triangle pattern sets the XRP price for another 12% surge. The $0.66 level stands as crucial resistance against buyers. The intraday trading volume in XRP is $1.56 Billion, indicating a 29% gain.
Over the last couple of months, the XRP price has primarily traded sideways within the trendlines of the triangle pattern. Typically, this pattern is considered a continuation pattern, suggesting a downward trend. However, buoyed by broader market sentiment, the XRP price broke through the upper trendline, signaling an early sign of a trend change.
The high-momentum breakout on October 23rd and a successful reset to check price sustainability on the 27th indicate that the XRP price is ready for a sustainable recovery. Despite the current market uncertainty, the XRP price has surged by a modest 0.3%, forming a neutral daily candle. According to this pattern, the coin price looks set for another 12% gain, potentially reaching the $0.655 level.
If the anticipated XRP price rally to $0.655 occurs, it would also hit the 50% retracement level of the correction phase that began in mid-July. Traders may face intense supply pressure at this level, which serves as a crucial point for sellers to resume the prevailing downtrend. However, a breakout above this barrier would reflect weakness in bearish momentum and could prolong the recovery trend to $0.75.
In conclusion, the XRP price breakout from the triangle pattern signals a prolonged recovery trend. While there may be resistance at the $0.66 level, the current market conditions and the potential retracement level suggest that the XRP price could continue to rise. Traders should closely monitor the price action and consider the possibility of a breakout above $0.655, which could indicate a further upward movement towards $0.75.
Ethan Lim, a native of the Lion City, is Singapore’s rising star in the domain of online casino guide localization. He masterfully blends his intimate knowledge of local culture with international gaming standards to produce content that resonates deeply with Singaporeans.