XRP price has formed a symmetric triangle pattern in the Daily time frame and continues to trade within it.
On the daily chart, XRP is on the verge of breakout of the symmetric triangle pattern.
Following a period of consistent growth, the price of XRP encountered resistance around the $0.530 mark.
The price has retreated below $0.5100 and is displaying several bearish signals.
XRP is currently trading below all its moving averages on the daily chart, with the RSI also indicating a value below 50.
According to Coingabbar analysis, If the bulls manage to break out of the symmetric triangle pattern, XRP's price could potentially test its upper resistance level of $0.56 by the upcoming weekend.
Weak price action may lead to the altcoin breaking below its support trendline, causing negative implications.
KEY LEVELS :
RESISTANCE LEVEL : $0.5300-$0.5700
SUPPORT LEVEL : $0.4900-$0.4600
Disclaimer: Coingabbar's guidance and chart analysis on cryptocurrencies, NFTs, or any other decentralized investments is for informational purposes only. None of it is financial advice. Users are strongly advised to conduct their research, exercise judgment, and be aware of the inherent risks associated with any financial instruments. Coingabbar is not liable for any financial losses. Cryptocurrency and NFT markets could be highly volatile; users should consult financial professionals and assess their risk tolerance before investing.
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