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The XRP price uptrend is currently uncertain, with levels above $0.5 proving to be shaky. However, there is a possibility of a symmetrical triangle forming, which could potentially trigger the next breakout to $0.67 and ultimately lead to a target price of $1.
XRP’s price, much like several other top-ten cryptocurrencies, retraced its recent gains following the approval of the first Ethereum futures ETFs in the United States. This fourth-largest cryptocurrency had surged from its support level at $0.49 to briefly reach a high of $0.55. However, the upward momentum has since waned, and XRP is currently trading at $0.5125 as it undergoes a correction.
Can XRP Price Sustain the Uptrend Towards $1?
“The XRP Enthusiasts Eagerly Await a Breakthrough Beyond the $1 Mark for the Cross-Border Remittance Token. Despite a Rally Triggered by Ripple’s Partial Victory Over the US Securities and Exchange Commission (SEC) in July, the Upward Momentum Stalled at $0.93, Eventually Giving Way to Bearish Pressure and a Return to June Price Levels.”
“Anticipation was high among many that the price of XRP would experience a substantial rally during the weekend, coinciding with Ripple’s celebratory event in New York known as the ‘Proper Party.’ Nonetheless, despite the enthusiastic crowd and insightful speeches delivered by prominent figures such as Brad Garlinghouse, Ripple’s CEO, the community’s long-anticipated key announcements failed to materialize.”
Apart from Ripple, investors turned their attention to the commencement of trading for the inaugural Ethereum futures ETFs on Monday. The enthusiasm surrounding these new investment offerings and the absence of significant price-driving developments arising from the Proper Party may have contributed to the XRP price’s failure to experience an immediate surge toward the $1 mark.
Looking at the situation on a smaller scale, XRP might have the potential to initiate its ascent toward the $1 threshold should it successfully break out of the symmetrical triangle pattern.
For the bullish scenario to take shape, it’s essential for the XRP market participants to establish and maintain support at the $0.5 level. This not only reassures other investors that the XRP price isn’t poised for further declines but also sets the stage for potential upward movement. Such support is crucial in building the necessary momentum for a potential rally once a breakout above the triangle occurs.
The bullish sentiment is currently being supported by the Moving Average Convergence Divergence (MACD) indicator, which has generated a buy signal. If liquidity maintains strength above the $0.5 support level and the MACD crosses into the positive territory above the neutral zone (0.00), XRP’s price could potentially experience a significant reversal in its upward trajectory.
If a breakout from the triangle pattern occurs, it could signify a potential 27% surge for XRP, pushing it to the $0.67 mark. This move has the potential to trigger further gains, potentially reaching levels of $0.85 and even $1 in succession.
According to the cryptocurrency analyst @DefenderDark, there is a belief that as long as the $0.5 support level remains intact, there is potential for XRP’s price to experience a rally to $0.66 within the current week. In their assessment, they suggest that XRP has successfully broken through the initial resistance and subsequently conducted a back-test of that level.
It’s important for traders to be aware that a symmetrical triangle pattern is considered neutral. In simpler terms, if the support at $0.55 were to be breached, there’s a possibility of a substantial sell-off, potentially leading to a decline to as low as $0.36.
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.