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XRP price has entered into a different consolidation pattern After the break under $ 2.4 at the weekend. Now this is nothing new for XRP, which has previously gone for many years of consolidations. Just like before, the current consolidations seem to be bigger prior to something and this step can send the Altcoin to new highest tones.
XRP -price still keeps the above key support
In an analysis, “Dernishhrndz” shown Where the XRP price is currently and the factors that now surround the Altcoin. First, he explains that the cryptocurrency is still acting above a long -term trend line. Furthermore, there is tight consolidation in a bullish compression pattern, which he compared with a classic ‘rolled up spring’.
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Not only this, but in the past six months, the XRP price has also set higher lows, a development that is bullish for the price of a cryptocurrency. Since XRP maintains this trend, this suggests that there is still bullish firepower despite the price decrease. Add that it is still traded above a very important trendline support, XRP shows that the upward trend is not nearly over.
The trendline support here is at $ 2, and with the XRP price is still around $ 2.3It is still more than 10% removed before this support level is tested. Conversely, the most important resistance described by the crypto analyst is one at the level of $ 2.7. This suggests a run-up before the XRP price encounters each large pushback.
Other important developments to note is the fact that the RSI is now in a neutral position. With a 50.88 RSI, give or take, this means that the RSI sets up again. This gives it a new start and a bounce board that it can help to rise to the next large level.
The MacD also sees a bullish crossover, because the momentum has risen slowly today. This also follows the deterioration of the trade volume. Now low trade volumes often identify bearish control, but they also serve as a signal that leads to breakout patterns.
When should you enter
Given the developments described by the crypto analyst, he gives two major buying levels. The first here is the zone of $ 2 to $ 2.2. This is where the support for the XRP price is and serves as a purchase zone. In the meantime, the second level is to come in after the break above $ 2.7 with a strong volume, which would indicate continuation.
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Such a break above $ 2.7 would XRP -price to collect On the way to his true goals. First is a run -up to $ 3.50 and then the crypto analyst sees a shot to $ 5. “The longer this top trendline support consolidates, the stronger the breakout movement will be,” the analyst said.
Featured image of dall.e, graph of tradingview.com