XRP’s 4-Year Triangle Breakout Nearing – Could $0.60 Be the Start of a Rally?
Harvey Hunter is a Junior Content Creator at Cryptonews.com. With a background in Computer Science, IT, and Mathematics, he seamlessly transitioned from tech geek to crypto journalist.
Over the past 24 hours, the XRP price has remained moderately unphased after some fluctuation, holding steady with a 0.08% gain.
Meanwhile, a technical pattern brewing since March 2020 is on the cusp of a breakout.
Indeed, this negligible movement is a step back from the Fed rate cut-fueled growth observed last week, with XRP retaining just a 0.53% gain since last Tuesday.
However, this may indicate that XRP has corrected and found its footing following significant volatility.
Although XRP may not be as hot right now, with its trading volume down another 3.17% to $909.3 million over the past 24 hours, stability may be what the altcoin needs before its next move.
A closer look at the XRP price chart reveals that technical indicators have become increasingly bullish, in favor of an upward breakout from the 4-year symmetrical triangle pattern.
Most significantly, it seems that XRP has found comfort in its new bullish lean, as its Relative Strength Index (RSI) remains firm in its position above the neutral line, currently at 60.
Although this is neutral, it exhibits a strong bias towards buying pressure.
This sentiment is mirrored by the Chaikin Money Flow (CMF), which is gradually moving away from negative territory week on week.
It is now at -0.06, just half of what it was at the start of the month.
Meanwhile, as the MACD line maintains a comfortable lead above the Signal line, it seems that bulls are in control, making a breakout in the near term credible.
Despite this correction, XRP has decisively maintained its position above the 200EMA support
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