XRP price retraces back after giving a bullish breakout of the Symmetrical triangle. On Saturday, XRP trades relatively lower after the previous session’s 16% gains. However, the market still remains cautious near the high levels as investors look exhausted.
- XRP price trades with modest losses on Saturday.
- A decisive close above 200-EMA will prompt bulls to test $0.90.
- XRP gives a bullish breakout of the Symmetrical triangle suggesting a continuation of upside momentum.
The recent price action is influenced by the positive development in the company’s case against the Securities and Exchange Commission is perceived well by market participants.
XRP price looks vulnerable after the recent breakout
XRP price after short-term consolidation or sideways movement inside the symmetrical triangle formation gives a much-awaited bullish breakout with above an average volume. Investors attempt to scale higher but gains remain capped at 200-EMA (Exponential Moving Average) at $0.84.
Further, the upside will be confirmed if the price tests the upper trend line of the triangle and bounce back next.
A move beyond 200-EMA will bring the highs of $0.91 made in February in play that coincides with the horizontal resistance level. Thus making it a crucial level to trade.
On the other hand, a renewed selling pressure will push the price toward the 50-day EMA at $0.76 and re-testing the reliable support at $0.70.
A move beyond this level will accelerate the downside momentum at the horizontal support level placed at $0.60.
XRP has depreciated from the record highs of 1.43 made on September 6 with a descent of nearly 60%. Hitting all-time lows near $0.55 in late January XRP price surged 80% to the swing highs of $0.91.
Technical indicators:
RSI: The daily relative strength index reads at 51 above the average line. Any uptick in the indicator will support the bullish outlook.
MACD: The Moving Average Convergence just crosses above the midline with an upside bias.
As of publication, XRP/USD is trading at $0.79, down 1.21% for the day.
Disclaimer
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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Source: https://coingape.com/markets/xrp-price-prediction-remains-pressured-near-200-ema-aim-for-0-90-next/