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Published November 22, 2022
A bullish reversal from the rising support trendline may prolong the Ripple price consolidations for a few more days. However, under the influence of ascending triangle pattern, the altcoin should surpass the weekly resistance level of $0.4 and trigger a new recovery rally. How far this potential rally could go?
The Ripple coin price turned sideways after witnessing a sharp downfall amid the recent FTX crypto exchange crash. The coin price has been wavering for the past two weeks, indicating uncertainty among market participants.
However, this consolidation is shaped into an ascending triangle pattern with its neckline resistance at $0.4. In theory, this bullish continuation pattern accentuates a gradual rise in buying momentum as prices show higher lows formation.
Also read- XRP Lawsuit: How Many Pro-Ripple Amicus Brief Filed By Deadline
In addition, the XRP price shows long-tail rejection at the supporting trendline, indicating a higher possibility for a bullish reversal. Furthermore, the altcoin currently trades at the $0.355 mark, and a bull cycle with this pattern should lead the price 10.74% up to $0.4 resistance.
Nonetheless, the Ripple coin should eventually breach the $0.4 neckline to bolster further price growth. The development should drive the price 13.3% higher from the breakout points to reach the $0.445 supply zone.
On a contrary note, a daily candle closing below the support trendline will offset the bullish thesis and may prolong the prevailing downtrend.
EMAs: An downsloping EMAs(20, 50, and 100) highlight an established downtrend for XRP price. Moreover, a bearish crossover between the 50-and-100-day EMAs should intensify the selling pressure.
Relative Strength Index: The daily-RSI slope wavering below the neutral line(50%) indicates the market sentiment is bearish.
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