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XRP price, as of January 1st, is moving indecisively in a volatile market within a symmetrical triangle on the daily chart. Additionally, the Morning Star formation brings the possibility of a bullish reversal that could trigger a breakout. This trend momentum could provide buyers with an opportunity to re-enter the market.
XRP Chart Analysis
The XRP price reflects a quick 6% jump off the lower trend line while the stable 20 and 50-day EMAs indicate a short-term horizontal movement to investors. Moreover, a notable aspect in XRP is the 20% increase in intraday trading volume, which subsequently raised the 24-hour trading volume to 763 million dollars.
According to the current technical chart for XRP price, a symmetrical triangle formation is observed amidst the TRB case that took shape on the first day of the year. The chart, which has not misled investors so far, allows them to closely follow this formation, providing consistent observations with the continuous returns in the triangle’s lower region.
As of the time of writing, XRP is trading at $0.6208, proving a modest recovery from the support trend line indicated by the Morning Star formation.
To briefly mention the formation, it is generally associated with a structure of 3 candles that suggests the weakening of a downtrend. This movement could lead to a breakout towards the upper resistance line of the triangle seen in the chart.
An upward movement from the lower trend line in XRP price could bring a 6% price increase and pave the way for a subsequent rise in the continuation of the formation.
Moreover, as long as the triangle formation is not completed, limited price fluctuations can occur in XRP each time it approaches the formation’s peak.
Will XRP Price Rise?
The current market outlook based on the triangle formation seen in XRP’s chart follows a neutral pattern, but buying pressure could accelerate due to the Morning Star formation, potentially leading to a price reversal. Thus, after the breakout, XRP price could rally by 28%, reaching $0.81.
Conversely, a potential move below the support trend line could push the XRP price back down to the $0.53 level. The daily RSI, at the time of writing, has risen to 64, indicating increased buying pressure among investors.
Positive news from Bitcoin in 2024 could support upward movements in the market, and XRP could benefit from this. Additionally, a definitive resolution to the lawsuits that have plagued XRP for years could trigger a significant price surge.
