The price pattern of Ripple is confined in a four days triangle. Will price breakout soon? The following looks at the technical side.
January 18, 2019 | AtoZ Markets – Earlier this week, Ripple was trading close to 35 cent. The move couldn't continue and price has dropped since. Currently, XRP exchanges for 33 cent with the closest intraday support at 32.5 cent. The cryptocurrency market has been steady and rooted to the downside this week, after failure to add to the December-January gains. Last week, the market lost $14 billion to close at $122 billion in capitalization. This week, it has neither lost nor gained but gone sideways waiting for the trigger for its next direction.
Ripple has maintained the 2nd most capped status with $13.4 billion – about $650 million more than Ethereum in 3rd position. Today's XRP trade volume is $433 million. After it almost hit 35 cent, price is completing a familiar chart pattern downside. It seems a breakout will happen soon. In the last update, the chart below was used.
The chart above shows a corrective dip from 76 cent to 27 cent in the last quarter of 2018. A 5-wave advance was expected in the first quarter of 2019 with a break above 45 cent resistance level. A break above this level could very much likely see price at 80 cent. Since this update, price has stayed quite silent – no attempt to break below 27 cent or above 45 cent. Looking at a much lower time frame, price is clearly completing a triangle pattern which could be followed by a bullish breakout.
Ripple Technical Analysis: Triangle Pattern?
Between 33.9 cent and 31 cent, price is completing a triangle pattern. Triangle patterns are very common in Cryptos. They are famously known to precede huge breakouts amount crypto technical analysts and traders. Since the preceding trend is bullish, a bullish breakout to 34-35 cent is very likely before the 80 cent target. However, a dip below 31 cent will only take price to retest 27 cent low.
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