Can This XRP Price Chart Send the Price Above $3?
XRP has experienced a significant correction over the past seven days, which is in line with broader market conditions. But today, the XRP price chart shows something that should make altcoin holders happy.
This pattern currently observed led to the coin’s price breaking above $2.90 earlier. Will something like this happen again?
Coins want to repeat history
From September 29th to November 6th, XRP price changes Within a descending triangle. This bearish chart pattern is characterized by a declining upper trendline and a flatter lower horizontal trendline.
When prices fall below a horizontal line, they usually continue to fall. Conversely, a break above the upper trendline usually triggers a sharp move higher. Around November 7, XRP breaks out of this patternresulting in a significant price surge of 350%.
The daily chart shows the coin forming another descending triangle. If history repeats itself, the value of altcoins could rise significantly again.
Another indicator that supports this bias is the Money Flow Index (MFI). MFI measures buying and selling pressure by analyzing cryptocurrency prices and volumes.
This indicator fluctuates between 0 and 100. Typically, when the MFI exceeds 80, the asset is overbought, indicating that it may be time to sell. On the other hand, when the reading is below 20, it means it is oversold and may be Purchase time.
As of this writing, the MFI has risen from 42.05 to 61.64, indicating significant buying pressure surrounding XRP. If this continues, the altcoin could climb significantly above $2.24.
XRP Price Prediction: May Rise 43%
Take a look XRP Price Trend It shows that the cryptocurrency has been consolidating between $2.20 and $2.72 since December 3. This indicates hesitation among buyers and sellers.
However, with MFI rising, the trend may turn upward in the short term. at the same time, XPR faces resistance from above $2.90. In order to cross this hurdle, buying pressure will need to be greater than what is currently on the XRP price chart.
If this is the case, then the altcoin’s value could rise by 43.53% to $3.20. on the other hand, Failure to break $2.90 resistance may invalidate this prediction. In this case, the price of XRP could drop to $1.40.
Disclaimer
conform to trust project Guide, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to providing accurate and unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult a professional before making any financial decisions. Please note that our terms and Conditions, privacy policyand Disclaimer Updated.
