XRP, the native token of Ripple, appears to be moving sideways after experiencing a notable rally in the past weeks. As of today, November 27, 2024, XRP, along with the overall cryptocurrency market, has been experiencing a price decline.
Some refer to this as a price correction, while others believe the decline is driven by escalating geopolitical tensions between Ukraine and Russia.
Despite notable price drops in the majority of cryptocurrencies, XRP appears to remain stable, holding above the crucial support level of $1.35. This stability is supported by recent political developments, speculation surrounding Gary Gensler’s (SEC) upcoming resignation, and ETF-related speculation.
According to expert technical analysis, XRP appears to be forming a descending triangle pattern on the four-hour time frame, finding support at the $1.30 level. However, on the daily time frame, the token seems to be consolidating within a tight range. This price correction mirrored past consolidations, during which the altcoin formed a symmetrical triangle pattern and thereafter experienced a 50% upside rally.
This time, however, traders and investors anticipate a similar upside rally from the altcoin if it successfully breaks out of this pattern.
Based on recent price action, if XRP breaches the descending trendline of the descending triangle, there is a strong possibility of a 42% upside rally in the coming days. Conversely, if XRP fails to hold the support level of $1.30 and breaches it, a 25% price drop could occur in the days ahead.
On the positive side, the asset still maintains its position above the 200 Exponential Moving Average (EMA) on the daily time frame, indicating an uptrend. Meanwhile, its Relative Strength Index (RSI) suggests there is room for further upside potential in the coming days, as the value is below 70 and currently stands at 50.25.
At press time, XRP is trading near $1.34 and has experienced a price decline of 4.5% in the past 24 hours. During the same period, its trading volume has dropped by 18%, indicating reduced participation from traders and investors amid a shift in market sentiment.
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