Ripple Price XRP Analysis: Symmetrical Triangle Squeeze Points To A Strong Surge For XRP

On its technical chart, the Ripple (XRP) price is resonating inside a symmetrical triangle, implying a range-bound movement. For beginner traders, this tiny range between $0.78 and $0.65 represents a “no-trading” range. Will bulls be able to break the current correction cycle, or will selling remain the advantage?

XRP Technical Price Points

• The buyers’ attempts are limited by the downward trendline.
• The XRP’s intraday volume of trading is $2.4 billion, representing a 1.8 percent increase.

Following its rejection from $0.918 on February 9th, the Ripple Price (XRP) has demonstrated a gradual and steady retracement. The bullish rise was controlled by the sellers, who leveraged a powerful declining trendline to record an 18% drop from last swing high of (0.918).

However, a symmetrical triangle formation formed at the past two swing lows of $0.62 and $0.69. For almost two weeks, the XRP price has been oscillating between $0.78 and $0.65, reaching the pattern’s climax.

Traders will know a great path by a breakout out of either side of such converging trend lines. If buyers can break over the combined overhead resistance of the declining trendline the 50-day EMA, the cryptocurrency will jump 16.8% to 0.9.

If sellers push the XRP prices underneath the support trendline, further selling will increase, dumping the cryptocurrency just below $0.59 monthly base.

The Technical Indicator Analysis

The fact that the XRP price is trading below the key EMAs (the 20, the 50, the 100, and the 200) in a downward pattern indicates that the bears have the advantage and that traders will seek the path of least resistance downward.

The slope of the RSI at (49) is continually fluctuating around the neutral line, emphasizing a sideways rally.

• $0.85 and $1 are the resistance levels.
• Levels of support: $0.745 and $0.59