The altcoin market was seeing a period of recovery, although it had been briefly halted by small sell-offs. The XRP market was also witnessing the price rising with minor selling pressure and this recovery effort could lead the asset to a surge.
At the time of press, XRP was trading at $0.6638 with a market capitalization of $31.35 billion.
XRP daily chart
Source: XRPUSD on TradingView
The value of XRP held on to the support at $0.7079 until 21 June, after which it broke down to $0.4799. The digital asset recovered from this level on 23rd June and was now testing the resistance. This recovery was accompanied by XRP hitting a consistent high at $0.7079, forming the base of an ascending triangle. The higher lows marked the slope of the triangle.
If the price successfully breaches the $0.7079 level, we might be looking at the price surging to $0.9374.
Reasoning
The current XRP market was noting a downward pressure as the 50 Moving Average remained above the candlesticks. As the asset continued to test resistance at $0.7079, the market was turning less bearish and making way for a potential breakout.
Directional Movement Index, although bearish, was noting the -DI and +DI converge. This was a sign of downward pressure being relieved from the XRP market. Meanwhile, Stochastic RSI was climbing higher and hit the overbought zone, suggesting that the XRP market was saturated with buyers, at the time of press.
If the buying pressure doesn’t subside, XRP might witness a break out to $0.9374 rendering profits for traders buying the dip.
Crucial levels
Entry-level: $0.7149
Take Profit: $0.9269
Stop-level: $0.6044
Risk and Reward: 1.92
Conclusion
The current XRP market was filled with momentum and could witness an upward surge. As buyers continue to fill their bags with XRP at the current price, bearishness was reducing in the market. This could push XRP to $0.7074 and result in a possible breakout.
