The price of Ripple(XRP) is slowly but steadily rising, approaching the $0.8-$0.9 resistance zone. The lack of significant bullish momentum and declining volume activity may hint at a bearish reversal, but in that event, the collapse of the support trendline serves as essential confirmation for short-sellers.
Within the wedge formation, the price of XRP is narrowing.
With no signs of weakness, the daily RSI slope is climbing.
The XRP’s intraday trading volume is $2.07 billion, suggesting a loss of 57.6 percent.
The XRP/USDT pair bounced back from the $0.7 local support on March 7th. However, because it is contained within a rising wedge pattern, the fresh recovery moves slowly. The coin is presently trading at $0.84, indicating an increase of 18.58 percent from the bottom support.
Price is steadily contracting inside the two converging trendlines, indicating a breakout is approaching. Furthermore, when the price breaks through the support trendline, a rising wedge pattern usually generates a lot of selling pressure.
However, the short-term trend remains positive until the pattern is complete. A substantial purchasing momentum and trade volume push might break through $0.9 barrier, allowing a route to $1 to open up.
Related Posts – Ferrari joins the NFT universe through a collaboration with a Swiss…