Ripple: Emerging Pattern Could Have XRP On Its Way to $0.94
As the token bounces back from a recent fall, Ripple could have an emerging pattern to propel XRP to a $0.94 high. Indeed, the cryptocurrency has seen some volatility emerge in recent weeks. However, positive sentiment could drive the charts to push it ever closer to $1.
In the last 24 hours, XRP has increased more than 4.48% to trade at $0.59, according to CoinMarketCap. Yet, the asset is still only up 4% in the last seven days as it seems to be just embracing a price increase. Additionally, its volume has skyrocketed more than 114% in the last day, showing increased activity.
Also Read: Ripple (XRP) and Dogecoin (Doge) August Price Predictions
XRP to $0.94? Ripple to End the Summer on a High Note
Ripple had undeniable potential entering 2024. The firm was set to settle its years-long lawsuit with the US Securities and Exchange Commission (SEC). Moreover, it was poised to benefit from an overarching market surge driven by the leading crypto Bitcoin.
Although the SEC settlement was reached, the token has yet to capitalize. The asset reached heights of $0.65 at the end of July, and has faced increased volatility since. Historical data shows it fell below $0.49 during the August 5th crypto market crash. Yet, just 24 hours later, it reached a high of $0.64 in a massive bounceback.
It may have since retreated, but could be eyeing a bigger rally. Indeed, Ripple charts have shown an emerging pattern that could lead XRP to a $0.94 price. The token’s weekly chart has shown a symmetrical triangle that has been forming since late 2021.
Also Read: Ripple: XRP’s Recent Slide May Have Created a Path to $1
Converging trendlines cause the pattern to emerge. Subsequently, it is usually the precursor to a massive breakout, when the token moves ahead of its upper trendline. The pattern is usually shows consolidation followed by notable price movements upwards.
XRP can target the $0.9 level if it is able to break through from the triable. Yet, that becomes a very important resistance point. If it is able to conquer that, it would then target a price of $1.31. Still, XRP is facing increased buying pressure.
A bearish outlook is likely if the token doesn’t break out of the symmetrical triangle. The Bollinger Bands show the token is testing a key resistance, its next support will be $0.55, with $0.50 emerging if it is unable to break through. The asset’s fate will be determined by the bullish patterns and some bearish indicators on its chart.