XRP Price Prediction: Key Levels to Watch As $XRP Sees 30% Breakout Rally – CoinGape

XRP Price Prediction: The fifth largest cryptocurrency, XRP, has been very volatile for the past two months and is predicted to have no buyer or seller advantage. Despite significant price movements, they do not show commitment in any particular direction. However, this sideways movement is along two converging trend lines indicating the formation of a symmetrical triangular pattern. Here's how this pattern could impact XRP trends in the near future.

Will XRP price be on a recovery track?

  • Affected by the triangle pattern, XRP price may prolong the sideways trend.
  • Market participants may witness renewed buying pressure at the lower trendline of the pattern.
  • XRP's intraday trading volume was $779 million, representing a 29% loss.
XRP Price Prediction | TradingView Charts

XRP price recovery in 2023 can be tracked using an uptrend line that provides dynamic support for buyers. Investors have shown strong buying activity on this support amid a major market correction, reflecting signs of a sustainable recovery.

Amid the broad market decline on January 3rd, XRP price showed a long-tail rejection at this support, predicting that buying activity remained intact. Meanwhile, the daily chart shows that a descending resistance trendline is preventing a long-term correction for this altcoin.

These two converging trends indicate the formation of a symmetrical triangular pattern. At the time of writing, XRP price is trading at $0.56, with an intraday increase of 0.23%. Amid the current market uncertainty, the coin price could fall another 10-12% and return to the lower trend line.

In any case, XRP price is likely to extend the sideways trend line until the chart pattern remains intact.

What will happen to XRP price in January?

A bullish breakout from the triangle pattern is required for XRP price to resume its recovery trend. If buyers break out of the overhead trend line, it could provide good support to propel the directional trend. The post-breakout rally will likely reach $0.73, up 30% from the current trading price, followed by $0.93.

Conversely, if it falls below the triangle, the altcoin could fall below $0.4.

Related article:



Sign up to stay informed to breaking news