XRP News: The global cryptocurrency market has seen some recovery after yesterday’s correction period. However, some altcoins have not yet overcome the selling pressure. Fortunately, the XRP price managed to break out of the grip of the sellers and kept the losses above a significant level. At the time of writing this news, XRP is trading at $0.678, up 0.58% in the last 24 hours.
XRP daily chart
Despite recent losses, XRP has kept its symmetrical triangle intact and stayed above $0.633. From now on there is a possibility of a breakout in both directions and although the trend before the formation of this pattern was bearish, the market is showing signs of a possible trend change. Either way, the road forward for the bulls is pretty steep. The daily 20-SMA (red) and 200-SMA (green) are not bullish yet.
Also, XRP has entered a period of slightly lower volatility and declining volumes. Once the buyers return, a close above the 50% Fibonacci extension level ($0.71) and the 200-SMA will trigger a breakout from the pattern and move XRP towards the 61.8% Fibonacci level ($0.775).
A long rise could see XRP rally as far as the 50-SMA (yellow) and 78.6% Fibonacci ($0.85), which will represent 25% gains from the upper trendline of the triangle overall. However, given the recent selling pressures, a bearish trend cannot be ignored. In the event of a collapse, XRP could head towards the first line of defense at $0.60, located at the 23.6% Fibonacci level.
According to the Awesome Oscillator (AO), bullish momentum was accumulating for an upside break. The Aroon rise even broke below the Aroon, signaling a shift in market dynamics towards the buyers. However, the bearish trend was still active, according to the Directional Movement Index. -DI was above +DI, but later merged.
The XRP market may see some sideways movement below the 200-SMA before volatility rises in the market. While there are no clear signs of an uptrend yet, the ones making progress appeared to be buyers. In the best-case scenario, a rise to $0.885 can be expected. If sellers dominate next week, XRP may be under threat of a pullback towards $0.60.