The price of the crypto -monnaie XRP Ripple creates a cup and handle pattern on a weekly period, suggesting a breakout at $ 15 USD.
The price of XRP has struggled recently over a shorter period as altcoins profit from huge bull rallies. On the weekly chart, however, Ripple suggests that it is creating a huge bullish pattern that could push it higher.
XRP price reveals bullish techniques
The price of XRP has also been volatile over the past two weeks, doubling altcoins like Shiba Inu and others twice in less than six days. You may be interested in: Investing in Crypto: The 10 Best Cryptocurrencies to Invest in October 2021 . Interestingly enough, Ripple shows a huge bullish “cut and bite” pattern on a 2 week chart.
This technical gel consists of a round bottom that forms a cup and a small U-shaped condenser on the right, called a handle. A decisive close above the line connecting the tops of the cup and the handle shows a breakout and predicts a 906% rise, determined by measuring the distance from the lowest part of the cup to the top right. Adding this metric to the break point reveals a goal of $ 15.30.
However, the price of XRP will surpass its 2018 high of $ 3.32 and rise exponentially to a new high of $ 15.30.
As technical formation initiates a double digit target, the Relative Strength Index (RSI) supports this scenario as it moves to 55, well below the oversold zone. Additionally, the slope support line connecting the lower RSIs from March 2, 2020 has a positive image of the continuing trend.
Therefore, investors can expect any near-term decline to reduce this trend by 574 days.
Additionally, the Moving Average Convergence Variation (MACD) shows that the MACD line (blue) is above the signal line (orange), indicating a bullish cross which implies an increase in the short term bullish outlook.
The histogram also shows a decrease in the orange lines, decreasing the selling pressure. If the bullish momentum continues to strengthen, the bar charts will also reveal a bullish cross, adding credit to the bullish outlook for the discounted deposit.
Ripple’s defining moment and XRP cryptocurrency
While techniques currently show many supporting factors for the price of XRP cryptocurrency to be in double digits, the basics need to support it. See article: ChainLink review: LINK price is preparing to rise 24%. .
Perhaps the most important event that could make or break this prediction is relying on the SEC against Ripple. Despite clear rules on what Bitcoin and Ethereum are, XRP appears to have been left behind.
On his last day as chairman of Securities & amp; The US Exchange Commission (SEC) has charged Jay Clayton of Ripple with selling unregistered securities in December 2020. Since then, Ripple has been sued in this case against the SEC.
Although the price of XRP cryptocurrency was initially impressed by lawmakers, it managed to rebound beautifully while trading above $ 1 USD. This resilience seen in the transfer signal may be due to the many partnerships that Ripple is establishing in the east.
Additionally, the Japanese government supports Ripple as an item like BTC or ETH. In addition, the payment company enjoys the full backing of SBI Holdings, one of the largest banks in Japan. While all of these developments have kept XRP cryptocurrency prices afloat, a victory with the SEC will be a tipping point as it would, metaphorically, restore power to cryptocurrency projects and put the SEC into being. on parity.
Such a change could allow partnerships like MoneyGram, which collapsed due to an SEC court, to come back. Additionally, it would also allow major cryptocurrency exchanges to relocate XRP. All of these developments could bring the signal back to its high end level at $ 3.32 USD and hit a new one.