š„š„š„ $XRP Targets $0.7231 as #Robinhood Relisting Fuels Triangle Breakout Chances
#Altcoinmarket Pauses as Bitcoin Holds at $58,700: Will XRP Breakout?
- The altcoin market enters a period of consolidation, with Bitcoin stabilizing near $58,700. Among altcoins, XRP is seeing notable shifts, driven by Grayscale's new fund launch and Robinhood's decision to relist the token.
XRP at a Critical Point: Is a Breakout Imminent?
- On the daily chart, XRP's recent price surge met resistance, marking the sixth bearish reversal from the long-standing resistance trendline. On Sunday, XRP dropped 4.38%, erasing Saturday's 4.13% gain, forming a bearish engulfing pattern. Currently, XRP is trading near $0.5728, with an intraday gain of 0.45%, while its 24-hour low sits at $0.5599.
XRP Price Analysis:
- The 50-day EMA supports the current price action, while the 50, 100, and 200-day EMAs are close to aligning bullishly as the recovery gains traction. Additionally, the MACD's bullish crossover and increasing histogram show rising momentum.
Bullish Developments: Robinhood Relists XRP, Grayscale Launches XRP Fund
- XRP's relisting on Robinhood has sparked optimism for a recovery rally. Despite Grayscale's new XRP fund, the token struggles to break its overhead trendline, indicating that news alone may not trigger a breakout.
XRP Price Targets:
- Currently, XRP is trading within a triangle pattern and testing the 50% Fibonacci retracement level at $0.57141. The next upside target is $0.65821, representing the 78.60% Fibonacci level, while downside support is near $0.49128, below the key $0.50 mark at the 23.60% Fibonacci level.
If XRP breaks higher, it could target the 100% Fibonacci level at $0.7231, its highest since March 11. On the downside, maintaining the 200-day EMA at $0.5490 is key to sustaining the uptrend before potentially dropping to trendline support.
Source - thecryptobasic.com
