On June 28th, Ripple‘s XRP, which retreated after another unsuccessful break attempt from the long-declining support trend line, showed that buyers continued to buy on the declines, a fundamental feature of a bull run, with the long wick on the red candle it burned in the daily time frame. The reversal of the decline from the rising trend line is quite significant as it indicates that the XRP price could make a new attempt to surpass $0.55.
XRP Price Analysis
On the last day of June, the XRP price, which made another return from the rising support trend line, continues to remain under the influence of the rising triangle formation. Its reversal from the trend line to a rise could rejuvenate the bullish momentum and trigger the start of a new surge within the formation.
Under ideal conditions, this bounce from the dynamic support could lead the prices to reach the neckline ($0.55) resistance, indicating that the XRP price is ready for a 14% rally. Furthermore, with each lower peak formed during the triangle formation development, XRP buyers are closing their distances to the $0.55 resistance, increasing the probability of a major break.
In such a break, an intensification of the bullish momentum and the price reaching potential targets at $0.80, $0.91, and $1 respectively can be expected.
Is It the Right Time to Buy XRP?
Despite the stagnation seen during the recovery in the third week of June, XRP price managed to maintain its general uptrend using the rising triangle formation. Investors of this major altcoin can follow this formation to use as a stop loss and even accumulate during potential declines. However, waiting for the break of the neckline at $0.55 can also be preferred for investors looking for a safe entry point.
The Relative Strength Index (RSI) on XRP’s daily price chart is above 40, indicating that the bullish momentum is still strong. On the other hand, the 200-day Exponential Moving Average (EMA), a trend-determining technical indicator for the price, also serves as support for the price.
