If a bullish pattern shown on XRP’s daily chart is confirmed, the sixth-largest cryptocurrency by market value may be about to acquire upward momentum.
The price of XRP has created a cup and handle pattern and is currently ranging between its daily moving averages.
A bullish continuation pattern called a “Cup and Handle” denotes a period of consolidation followed by a breakout. A cup-shaped price movement is seen on a chart as part of a cup and handle pattern, which is followed by a downward sliding price pattern.
After completing the cup pattern, XRP is now constructing a consolidation channel on the daily timeframe because the handle in this pattern development normally has a downward slope.
Price growth may restart if XRP is able to break out of the consolidation channel with strong bullish momentum.
The first sign of strength will be a break and closure above the daily moving averages of 50 and 200. This might open the door for a rally to the levels between $0.565 and $0.584, where the bears are anticipated to put up a strong battle.
Bears will aim to strengthen their holdings by driving XRP below the immediate support level of $0.45, however, as selling have withstood bulls’ attempts to advance and sustain XRP above the moving averages. If they are successful, the falls might go on and XRP could hit the strong support level of $0.415.
Another option is that unless there is a breakout, either upward or downward, the XRP price will continue to move in a consolidation pattern inside its moving averages.
At the time of writing, the price of XRP has increased slightly over the previous day to $0.4673.
