XRP's price to note growth as coin breaches ascending triangle pattern - AMBCrypto
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Analysis

XRP’s price to note growth as coin breaches ascending triangle pattern

Namrata Shukla

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XRP's price to note growth as coin breaches Ascending triangle pattern


XRP’s price has been stuck between $0.25 and $0.23 for the most part of 2019. Even when the price of the coin noted a rise on 17 September, the price peaked at $0.32 and fell back to its comfort zone. With the price of the coin being near the bottom, a strong push may be needed.

Short-term charts indicated that when the push comes to shove, XRP’s price will rise again.

1-hour 

Source: Trading view

Source: Trading view

One-hour chart of XRP formed a descending channel, characterized by connecting lower highs at $0.2444, $0.2423, $0.2410, and $0.2398 and lower lows at $0.2411, and $0.2390. The falling price of XRP along this channel may result in a bullish breakout.

50 moving average was under the 100 moving average due to a recent crossover; this crossover resulted in the reversal of the trend and made it a bearish one. MACD line affirmed bearish reign as it stood under the signal line.

4-hour 

Source: Trading view

Source: Trading view

XRP’s 4-hour chart showed formation of an ascending triangle. This bullish pattern has been characterized by two trend lines, one that connects higher lows at $0.2244, $0.2292, and $0.2367, while a horizontal line marked the resistance at $0.2499. The breakout of this pattern may push the price of XRP up.

Even though 50 moving average was under 100 moving average, MACD indicated a bullish market as MACD line was above the signal line after a recent crossover.

Conclusion 

The one-hour chart and four-hour chart indicate formation of two bullish patterns, in turn suggesting a likely increase in the price of the third-largest crypto.

Namrata is a full-time journalist at AMBCrypto covering the US and Indian market. A graduate in Mass communication, while majoring in Journalism, she writes mainly about regulations and its impact with a focus on technological advancements in the crypto space.

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