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Monday, April 12, 2021

XRP Gearing For 50% Move Due To 2 Key Price Levels

XRP has maintained a stagnant position for a while now and the investors are patiently waiting for a surge in the volatile price levels in order to observe and determine the way in which their price is heading towards.

In the meantime, XRP is gradually inching closer to a very crucial point in their trend which might be able to disclose a breakout in any possible direction.

High Volatility Awaiting XRP

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XRP has already entered the phase of consolidation after they have been through one of their most brutal and tumultuous journeys at the very start of this month of February 2021. From that time onwards this cryptocurrency has tried to create a range of low highs along with higher lows.

This sort of market behavior has now resulted in the creation of a proportioned triangle on their 4-hour chart. A downward trend-line route might also be drawn in addition to the swing highs. For the time being another upward trend-line has developed simultaneously to swing lows.

XRP is the 6th largest cryptocurrency according to market capitalization and has been moving closer to the apex of the triangle. Their price action is contracting during that time. The reduced volatility of this token is supporting the identification of 2 key price levels and is most potentially going to determine the path of this token.

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The 4-hour chart is under $0.50 or over $0.64 will take place after the 55% move towards that direction. This aim is decided by gauging the height of the y-axis of the triangle as well as added to the point of breakout.

XRP will get a better chance of retesting their resistance of $0.64 after bouncing off the crucial support cluster and probably breakout near $1.

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