- XRP coin is constantly consolidating between a couple of vital trend lines. As the digital asset coils up, it braces for a massive breakout.
- This breakout will result in a fiery run-down or run-up. However, on-0chain metrics recommends that this step will likely attract the bulls.
- As of this writing, XRP was trading at a market value of $0.7216, down by 2.5% in previous 24 hours.
XRP Bulls Awaiting For Explosion
Price action of XRP since December 2021, has established a couple of higher lows as well as a couple of lower highs.
Investors’ views on the XRP price in the coming days
XRP investors have been struggling to overcome selling pressure since late November, when the coin broke above the psychological round level of $1.0. Meanwhile, the XRP crypto price action suggests a symmetrical triangle pattern on the daily price chart (noted in the graph) and the current price of the cryptocurrency is trading above a support trend line. In the upcoming trading sessions, XRP is going to move rapidly whether it can be up or down.
XRP price has lost nearly 46% of its value between the end of December and the most recent low of 2022. However, after a consolidating phase in the midst of a narrow range, XRP Price saw a sharp recovery from near the critical support level of $0.50. Following the breakout, the cryptocurrency experienced a highly volatile session of the year 2022, gaining 21.8% in just one day, indicating that the bulls have the potential to push the price higher with high trading volume Is.
XRP price has an important support level of $0.51 and the psychological round level of $1.0 is a perfect example of a bullish barrier. According to trader psychology, the bulls are likely to face selling pressure near $1.0 and this is necessary for stability. If the bulls manage to break this triangle pattern upwards, XRP price could reach $1.25; On the other hand, if the bulls fail to hold the price above the support trend line, investors could look at the $0.35-mark in the next session.
According to the Fibonacci retracement, the daily price chart of XRP coin is trading well below the 0.5-level ($1.0-point). Meanwhile, at the time of writing, the XRP token price is trading at $0.71977, which is a little over 1% up. Looking at the hourly price graph, XRP has formed a double top formation and live price is approaching the neckline of the following pattern. Furthermore, the volume to market capitalization ratio is 0.6292. Since the beginning of the month of March, the market cap of XRP coin has been gradually declining to now stand at $34.17 billion.
The Daily Relative Strength Index is slowly declining after retesting the overbought zone. At the time of writing, the indicator is at 46 (bearish), below the half-line (50-points), bulls may go aggressive above the 50-mark. Furthermore, the Average Directional Index is at 14-point, which suggests extremely weak momentum for the XRP coin, so XRP is not volatile yet.
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they do not establish the financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.