XRP is showing incredible strength when compared to other altcoins and seems to be ready for a significant breakout. The increased volatility had generated significant upward momentum, but the recent price decline reversed the bullish momentum and the price dropped below $0.4.
XRP is gaining bullish momentum
XRP is currently trading sideways without any obvious directional bias. For five sessions in a row, the price has decreased due to low volatility. This suggests that altcoin has little interest from investors. The price of XRP has steadily declined after touching the swing highs near $0.41.
According to well-known cryptocurrency trader and analyst Crypto Rand, the XRP price may be about to stage another rally.
Based on the charts, the XRP is keeping an eye on a possible breakout at the $0.40 level.
- On Thursday, the XRP price fell slightly from its ATH of 0.375 to trade at $0.368. Currently, it is down 0.41 percent.
- The upward trend would persist if there were a daily candlestick over $0.38.
- The latest rejection may cause the XRP price to drop to the lower support at $0.58, which is just below the $06 mark. From there, a strong flip may stop additional loss because the 50-day MA levels also intersect at $0.58.
With very strong support at $0.365, the price is building a bullish flag and pole pattern on the hourly time frame. This pattern predicts a strong bullish momentum of up to $0.38 if the price breaks over $0.3715.
The positive view, however, might be invalidated by a breach below the $0.3610 mark. The xrp price may also drop below $0.34.
Back in June XRP reached an annual low of $0.28. Since then, the price has increased by almost 46% in just one month. Strong resistance lies near $0.40; the bulls must provide new trading vigor to reverse the short-term downturn.
All time horizons for XRP are bullish. We can place a trade on the Buy side if the price closes above $0.3715 on the hourly time frame.