XRP Price Forms This Pattern On Its Chart, What Does It Mean For XRP?

Market movers have also seen the price rise in XRP over the past 24-hours.

In that period, the coin gained 1.6%. But, the currency is consolidating.

The XRP price showed little movement over the last week. This confirms sideways trading. The technical outlook of XRP indicates that sellers are gaining more control over the market, as it continues to rise at press time.

XRP needs to break through its resistance line. Only then can buyers regain their power. Over the past week, the coin formed a triangular symmetrical pattern.

This is a sign that there has been a break or breakout in the price. It also indicates that it was trading laterally.

Ripple has begun testing the XRP Ledger Sidechain that is compatible with Ethereum Smart Contracts. This new development is yet to have an effect on the asset’s price.

One-day Chart: XRP Price Analyse

XRP Price
Source: XRPUSD on TradingView| Source: XRPUSD on TradingView

At the time this article was written, altcoin traded at $0.47. The XRP price formed a triangle-shaped symmetrical pattern on its one-day chart. This suggests either a breakout of a decrease in price.

Although buyers tried to increase the price of the XRP coin, they were met by sellers whenever it crossed the resistance.

The ceiling on the overhead price was $0.51. Any move higher than $0.51 would cause the XRP to price to breakout. This will increase buying power.

The coin’s local support level was at $0.44. Any fall above that level would bring it to $0.40. There was a decline in XRP trading volume in the previous session, which suggests a reduction in buyer pressure.

Technical Analysis

XRP Price
XRP has noted a decline in its buying power on the daily chart. Source: XRPUSD TradingView| Source: XRPUSD on TradingView

Buyers did not benefit from the rise in coin’s price, as it saw a decrease in its buying power. According to indicator, sellers may take control of the market during the next trading session.

Although the Relative Strength Index was not at the 50% mark, it was getting closer to that level.

This means the buyers will outnumber sellers soon.

The price of XRP was also lower than the 20-SMA, which indicated a decline in demand. This reading suggested that the market was being driven by sellers.

XRP Price
Source: XRPUSD on TradingView| Source: XRPUSD on TradingView

XRP’s chart also showed a sell signal, in line with other technical indicators. Moving Average Convergence Divergence is a sign of asset strength and price momentum.

MACD displayed a bearish crossover, with red histograms that were sell signals for the coin.

Parabolic SAR shows the asset’s price direction. It determines if the asset is bullish or bearish. The candlestick’s dotted lines indicate that XRP will see a decline in the coming sessions.

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