It has formed an ascending triangle pattern, which will complete on a close above $0.64.
If that happens, the XRP/USDT pair could start a rally towards $0.74. This level has proven to be a significant hurdle for several months; hence, the bears will try to defend it again. However, if the bulls prevail, the pair could rise towards the pattern target of $0.90.
On the contrary, if the price turns down sharply from the current level and breaks below $0.64, it will suggest that the breakout could have been a bull trap. The pair could then drop towards the 20-day EMA ($0.58).
The 4-hour chart shows that the bulls have pierced the $0.64 resistance, indicating solid buying at higher levels. If the price sustains above $0.64, the pair could start a move towards $0.74.
Meanwhile, the bears likely have other plans. They will try to pull the price back below $0.64 and trap the aggressive bulls. The pair may then drop to the 20 EMA. Buyers will have to defend this level if they want to keep the bullish momentum intact.
