California, USA – XRP price hit support at a 38.22%-retracement, trading at $1.06. Despite the increase, monthly charts display a lower volume activity.
XRP has been consolidating in the past week after the 85%-gain while evaluating the support’s validity. Now, it trades at $1.06, with a retracement level of 38.2%. The form of the consolidation is at a symmetrical triangle pattern, which the intra-day charts project. It shows how bullish the outcomes are for the performance of this cryptocurrency.
XRP boosted 160% from July 20 to August 15, a low-to-high performance, and it busted the omnipresent resistance credited to the opposite head-and-shoulders neckline. It carried the 50%-retracement to the price of $1.23.
The ongoing consolidation followed the overbought reading on the RSI or Relative Strength Index. The measure over the symmetrical triangle is 22%, and it came from the decreasing trend line. This performance forecasted the price target of XRP, which is $1.54. The target now is the trading price of $1.54, and it might overcome resistance at the price of $1.40. This crypto is close to the possible price of $1.65 with a 78.6%-retracement.
There might be a bullish Golden Cross pattern in the next few days once there’s a breakout from the symmetrical triangle. This performance will increase the confidence in the rally and breakout.
Ripple’s XRP showed a price compression as part of the consolidation, and it generated around 160% chance in advance. The daily RSI dropped out of the overbought territory, making the space for a price surge.
The strength of the $1.00-$1.06-range is important to the bullish trend. The daily close under the range might introduce a bearish twist, and it might jeopardize the rally’s sustainability. The downside goals include a 200-day SMA at a $0.84-trading price and a 50-day SMA or Simple Moving Average at a $0.78-trading price.
As this crypto pushes to reach the target trading price, the volume is still low. It didn’t’ succeed in going beyond the average line.