#ReboundRally XRP/USD Price Analysis$XRP
At the time of writing, XRP price is down 0.73% in the last 24 hours to $2.29. XRP has been trading in a range since hitting a high of $2.90 on December 3. The RSI around the midpoint indicates a balance between supply and demand, which means the range could trade between $1.90 and $2.90 in the coming days.
The recent price action has created a symmetrical triangle pattern, which is often viewed as a continuation pattern but sometimes acts as a reversal pattern. If the price rises and breaks above the triangle, the chances of a break above $2.91 increase.
On the other hand, a break and close below the triangle could indicate that XRP has reached a short-term peak. Such a move could drag XRP to the 50-day SMA at $1.73. XRP’s recent rally stalled after hitting highs near $3, leaving the market wondering what’s next. Amid the current uncertainty in the crypto market, XRP appears to be consolidating, especially in the Bitcoin trading pair. Could a breakout against BTC be on the horizon?
Over the past few weeks, XRP has been performing well, gaining momentum amid positive developments in the broader crypto market and positive sentiment around the launch of the Ripple USD (RLUSD) stablecoin.#BtcNewHolder #XRP