Ripple’s XRP has captured the sixth position among the top ten trending coins. As the coin is currently fluctuating inside a symmetrical triangle, there is high hope that it will surge once it breaks out from this pattern.
Priced at $2.08, XRP has captured the sixth place on CoinMarketCap’s trending list. The coin gained more than 2.5% during the past 24 hours while its 24-hour trading volume crossed above $3 billion after it spiked by almost 80% during the past 24 hours.
The XRP short-term frame looks very bullish, according to crypto netizen Ali. This pseudonymous person spotted a symmetrical triangle forming on the 1-hour chart of XRP. In a symmetrical triangle, sellers push the prices lower, and the coin starts to make lower highs. Simultaneously, the buyers, on the other hand, keep pushing the lows higher, which makes a converging pattern, or the apex of the triangle.
When the price troughs keep getting higher, and the crest gets lower, the price action shrinks, and the volatility is constricted. The market acts like a coil that shrinks and gains momentum, and then at one point, it will release all the stored energy. Having spotted this triangle, Ali expects XRP prices to spike by 16%.
Just by looking at the 1-hour time frame, it is hard to evaluate the price action, and the higher time frames will provide a better view of what’s coming. On the 1-day chart, XRP is fluctuating inside a descending broadening wedge. This pattern usually breaks out to the upside once the pattern is complete.
However, since the pattern is not complete, the coin will keep on rebounding inside the wedge for some time. As XRP is on its way to rising toward the top trendline, the coin will continue its motion and hit the line, which is just above $2.4. The Relative Strength Index (RSI) indicator line is about to cross above the RSI-SMA line, which is a good sign that XRP will keep moving towards the top trendline.
