The past week and a half has been bullish for Ripple (XRP) price. Cryptocoin. com, the cryptocurrency managed to rise from a low of $ 0.50 to $ 0.71. That is a 42 percent gain. It has seen some improvement in the last few days. However, according to one analyst, buyers have regained control over the market. But the real question is: will XRP be able to continue this run as we enter a new week? Here is Saif Naqvi’s analysis…
Will Ripple (XRP) maintain its current momentum?
According to analyst Naqvi, a symmetrical triangle formation on the 12-hour chart offers a chance for a breakout to the upside, while general signals in the crypto market point to such a move. According to the analyst, XRP’s pullback on June 22 and the subsequent uptrend resulted in the emergence of a symmetrical triangle on the 12 hourdollarsic chart. According to Naqvi, while the model could see a breakout in either direction, market bulls tried to come up with a result in their favour. “A rise above the upper trendline, which coincides with the June 24 high of $0.69, could trigger a potential rally towards $0.80,” the analyst says.
The visible range, according to the analyst, is 0.85-0 for XRP. It showed a high level of interest at $94 and staying within this zone will help support the bullish narrative towards $1. The analyst explains the reasoning behind his comments as follows: “XRP’s indicators were pointing to an upcoming uptrend, but there have been few developments yet. The Relative Strength Index approached neutral territory and was rejected at around 50 many times. XRP will likely see a stronger stream of buying pressure if the index manages to break above 55 on its current bullish rally. ”
What should traders watch out for?
Naqvi highlighted the possibility of a breakout of XRP’s symmetrical triangle that could push the price towards $0.80. Consolidation above the aforementioned level will increase the chances of XRP reclaiming $1 next week. However, traders should be wary of any further selling pressure as a move below $0.60 could rule out any bullish possibility,” he concluded.
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