Will $0.6 Hold Strong Amidst the Market Uncertainty?

XRP Price Prediction: In line with the current uncertainty in the crypto market, the XRP price has been wavering sideways for the past weeks. Amid this indecision, The combined support of $0.6 and the ascending trendline of the triangle pattern are preventing XRP from major correction. A potential retest to this support could renew the buying pressure, providing buyers an opportunity to escape the consolidation trend.

Also Read: Ripple Legal Chief Reveals US SEC Settlement Offer

Will $0.6 Support Hold?

• A bullish reversal lower trendline hints at a quick 6% jump/
• The flattish 20-and-50-day EMA accentuates a sideways action in the short term.
• The intraday trading volume in the XRP is $1.39 Million, indicating a 30% gain.

In the daily temperature chart, the XRP price shows the formation of a symmetrical triangle pattern. Despite the high volatility, traders have been consistently adhering to this pattern, as evidenced by multiple reversals and bounces within the triangle. At present, XRP is trading at $0.619, facing a slight reversal at a local resistance of $0.63, indicated by an evening star candle pattern. This could lead to a minor 2% dip before XRP revisits the triangle’s lower trendline.

In a recent development, Ripple, the company behind XRP, received official recognition from the Central Bank of Ireland, being listed among registered Virtual Asset Service Providers (VASPs). This acknowledgment could influence XRP’s market standing.

The price is expected to rebound from the lower trendline, potentially increasing by 6% to reach the upper trendline at $0.653. However, as long as the triangle pattern holds, XRP might continue experiencing narrow fluctuations as it approaches the pattern’s apex.

Triangle Breakout to Trigger Directional Rally

As the current market outlook for XRP is neutral, a breakdown below the lower trendline is possible which could accelerate the selling pressure. Thus, the post-breakdown fall could plunge the price 12% down to $0.53 to hit a long-coming support trendline. For over a year, this support has been holding the XRP price on a bullish track, offering traders a dip opportunity to accumulate.

• Relative Strength Index: The daily RSI positioned at 50%, indicates a neutral sentiment among investors.
• Exponential Moving Average: The XRP price above 100-and-200 EMA reflects the long-term trend as bullish