Ripple’s native coin XRP is currently dancing on top of a symmetrical triangle and is trading between two critical levels while staying at a sustained $0.45 level.
Despite the major upswing in Bitcoin’s price last Saturday, the XRP remained unfazed as the market’s great performance barely affected the price of the coin. This also happened when the cryptocurrency market went through a slump, with the XRP remaining in the green, even growing by 0% on the day.
Meanwhile, the cross-border consolidation for the XRP is most likely to culminate in a significant upswing for the cryptocurrency is a breakout from the symmetrical triangle happens. Ripple is also looking towards a significant upswing to $0.60 for the XRP.
Caption: Price predictions are anticipating a 28% move for Ripple’s XRP.
The XRP, currently well-known as an international remittance token, is trading at a stable level at $0.45 while being squeezed between two key levels. These are the 50 Simple Moving Average (SMA) and the 100 SMA on the cryptocurrency’s 4-hour chart. A breakout is also anticipated above the symmetrical triangle.
The pattern is forming in a relatively consolidating market and is hinting at either a breakout or breakdown. The breakout could cocker once the price crosses above the upper trend line. However, if the price goes below the lower trend line, a breakdown for XRP’s price will happen.
Notably, as long as the 50 SMA support remains in its place, Ripple XRP will be posed for a 28% upswing and break past the descending trend line. The Moving Average Convergence Divergence (MACD) also hints at the trend turning bullish very soon. If the MACD crosses above the signal, the midline would indicate a huge bullish signal for the cryptocurrency.
However, the same triangle pattern could also result in a major breakdown for its price. If a breakdown happens, the XRP’s anticipated supports would be at $0.40 and $0.35, respectively.