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After a short period of consolidation and what looks like an imminent break below the psychological $ 2 level, XRP starts Show signs of bullishness. The cryptocurrency has been recovered by 2% in the last 24 hours, and has even reached an intraday peak of $ 2.2, so that it has been able to maintain a strong position above its critical support zone despite recent downward pressure.
It is remarkable that an interesting technical analysis on the TradingView platform shows that XRP is about to go into the path in a bullish continuation of up to $ 4.
Low volatility points to shift from Beerarish Momentum
Recent price promotion bullishness has slowly crued the price promotion of ITO XRP. Interesting is that Crypto analyst Masterananda on the TradingView platform noted a strange XRP signal On the daily candlestick Time Frame graph. Although strange, the strangeness is not in a bad way, because this is a bullish signal.
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According to his analysis of TradingView, the graph has been switched from periods of high volatility and sharp fluctuations, in particular noticeable from December to the beginning of April, to a phase that is characterized by always small candles and reducing price action. From April 13 to April 21, the daily candlesticks of XRP became considerably smaller, which indicates minimal volatility, even when the price went up. Nevertheless, this upward movement was sufficient Break up a downstairs Sloping resistance trend line that has led to creating lower highlights since January.
A similar phenomenon took place around 28 April, with the price that drove slightly lower for seven days But refuse to form new lows. This kind of behavior, in which price consolidates without breaking down, is often interpreted as a bullish continuation pattern. Masterananda sees this as a bullish signal. It is confirmation that Beerarish Momentum is blurred. No bearish action, no bearish Momentum; Simply consolidation before extra growth.
Consolidation before expansion: The Bullish Case for XRP
Masterananda Analysis Graphics Strengthens these prospects. Since 16 April, XRP has repeatedly bounced from a clearly defined support zone around $ 2.00. The marked battery area on the graph shows that buyers have consistently started when the price falls to this region.
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What is even more important, every consolidation phase since the lowest low on 7 April of $ 1.61 has resulted in a higher layer, which further confirms a bullish structure. While the price continues to respect this zone, it lays the foundation for a strong upward outbreak.
The analyst Projected a movement to $ 4, Referring to a steep up route as soon as the current range has been resolved to the top. The green arrow marked on the above points above directly to this level.
At the time of writing, XRP acts at $ 2.17, an increase of 2% in the last 24 hours.
Featured image of Getty Images, Chart van TradingView.com