XRP Price Stuck in Tight Range: Could a Surge Be Imminent?
XRP has been unable to break out of its relatively narrow range between $2.1 and $2.4, with the exception of a few short-lived and fruitless attempts to break through the $2.6 resistance in mid-May. Last week, it tried the lower barrier, but the bulls were able to hold it and move the token in the direction of the upper one. XRP is presently trading above $2.27, up 0.5% on a daily basis and 0.26% since last week.
Symmetrical Triangle Formation Signals Big Move Ahead for XRP
However, a macrograph reveals that from the December and January highs, the asset has been inside a symmetrical triangle. XRP is presently challenging the upper boundary, and a breakout might send its price skyrocketing, according to Xoom’s chart.
Since the symmetrical triangle is typically a neutral indicator, this will assist in determining the direction of the subsequent move. It is distinguished by an ascending trendline that connects higher lows and a descending trendline that connects lower highs.
Golden Cross Alert: XRP Chart Flashes Bullish Signal, Analysts Predict Major Surge
Cobb, a well-known XRP Army member, referenced data from Steph Is Crypto that shows that XRP’s 2D chart has flashed a significant bull sign: the completion of a golden cross. The technical pattern, which indicates a possible uptrend, appears when a short-term moving average crosses above a longer-term MA.
Steph predicted that the following one to two months would see the creation of millionaires, and both analysts commended the action. In contrast, Cobb stated in a different post that even a price objective of $10 is not out of the question and that the following leg up will be brutal.
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