XRP (XRP) broke and closed above the symmetrical triangle pattern on January 11, indicating that the uncertainty has been resolved in favor of the bulls.
XRP/USDT daily chart. Source: Cointelegraph/TradingView
The 20-day moving average ($2.34) has started to rise, and the RSI is in the positive zone, indicating an advantage for the bulls. If the price holds above the triangle, the XRP/USDT pair could rise to $2.73 and then to $2.91. The sellers are expected to defend the $2.91 level strongly, but if the bulls prevail, the pair could rise towards the target of $4.84.
Bears will have to pull the price back below the 20-day moving average to weaken the bullish momentum. The pair will signal a deeper correction on a break below the support line.
XRP/USDT 4-hour chart. Source: Cointelegraph/TradingView
The pair is likely to retest the breakout level of the triangle. If the price bounces off the breakout level, it will indicate that bulls are trying to turn the level into support. This increases the probability of a break above $2.60. The pair may then rise to $2.73.
Conversely, a break and close below the triangle could lock in the aggressive bulls. That could take the pair to $2.20 and then to the support line. Buyers are expected to defend the area between $2.20 and the support line fiercely.
