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- XRP Breaks out of the parallel ascending channel.
- XRP ends the consolidation phase, could hit $1.5 soon.
The crypto market has broken out of the consolidation phase and is expected to make bigger moves. We had suggested a strong move in our last XRP Price Analysis after strong consolidation.
The investors are confident about XRP hitting and potentially crossing the yearly high after the strong momentum. A Netizen took to social media indicating through analysis on a Day candle chart for the bullish momentum to continue suggesting a 60% upswing.
Ripple(XRP) has been consolidating making a pennon pattern on a Day candle chart since its dramatic surge on March 16, 2021, from $0.430 to $0.515 signalling a potential breakout. The same momentum has continued after a brief consolidation.
Decent transaction volumes worth $6.7 Billion have taken place in the last 24-hours. Experts suggest that if XRP does not dump in two trading sessions, the potential to break the multiple resistances at $0.59 and $0.6 break February level and fly above $0.65. XRP’s market cap at $26,188,808,840 increased by 15% in the last 24 hours.
XRP was trading at $0.5778, up 14.51% at the time of penning this article. Even the EMA, MACD indicates bullish momentum.
The Bollinger Bands indicate price alignment with the upper Bollinger band and even crossed it. But there is also a possibility of another breakout targeting $1.5 shortly.
The RSI levels stand at the overbought status and have crossed over 80 several times. Although the RSI indicator is calculated for 14 days generally, there is a potential bull run ahead. The Bitcoin volatility and a dump could attract the investors towards Ripple(XRP).
Looking at the Fibo charts, Ripple has sustained well at 0.36 and above. The tool suggests that the targets could be set to $0.8 and above if the resistance levels at .5 get broken and selling pressure decreases.
Resistance levels: $0.59, $0.6
Support Levels: $0.54, $0.52