Ready, Set, Go? XRP prices coiling up for a meteoric rise of 20%
The third largest cryptocurrency in the world, XRP, is coiling up for a launch into the stratosphere. The falling wedge setup, seen in the chart below, signals a bullish breakout for XRP in the near term.
Houston, we have lift-off
The Falling Wedge formation is a bullish pattern accompanied by a reduction in volume, which is apparent as seen in the chart above. Typically, the largest part of the wedge will be the total length of the breakout. Factoring in the same, the breakout for XRP, whenever it occurs, will push the price of XRP from $0.37 – $0.38 to a minimum of $0.45 – $0.46.
The Relative Strength Index also showed a similar downtrend, which further confirms the bullish nature of the rising wedge pattern.
Higher Time Frame
The daily timeframe for XRP showed the formation of a double top. However, the pattern will ONLY be confirmed when the price dips below the neckline. Further, the Relative Strength Index shows a declining resistance that is preventing buyers from rising higher.
However, there might be conflicting ideas when it comes to the completion of the double top formation, due to the pattern formed over the shorter timeframe. Hence, the double top formation might have a higher chance of not being confirmed.
The likelihood of the confirmation of double top is very slim unless Bitcoin forms something similar or BTC prices dip massively. However, the probability of a breakout of the rising wedge pattern seems high. If and when it breaks out, the price of XRP will slingshot to $0.4512.
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