- Ripple’s XRP Price Hits 1-Month High
- Ripple’s XRP Price Retests the $0.30 Level
In the past few days, the whole cryptocurrency market has gone through several price instability. Ripple’s native token XRP was not left out as the coin declined massively from $0.292 to $0.25, luckily the bulls were able to support XRP up to $0.29 within a few hours of the decline.
XRP has recovered fairly and it is currently trading at $0.29 after hitting a monthly high of $0.315, sadly this did not last as today, the bears were able to push back XRP back down, although XRP is trading above both EMA’s.
Peter Brandt, a famous crypto trader, and Guru stated that XRP has created what he termed as a “diamond pattern.” This pattern is very uncommon and can be likened to a head and shoulder pattern. A diamond pattern formation usually occurs at the top and it is very uncommon for it to form at the bottom. In his tweet, he went thus: “The diamond pattern has always been a top pattern among traditional markets. I suppose pattern might work for a bottom in crypto markets. If you want to know what a very clean diamond looks like, see $XRP.”
Ripple’s XRP Price Retest the $0.30 Level
In the case of XRP, it seems that the diamond pattern has formed at the bottom which is rare and it is showing a huge possibility of a breakout within the next few days. Going by Brandt’s analysis, the original target after the breakout would be $0.4691. He stated: “Pending a close above .3038 the diamond bottom will be completed with an initial target of .4691 $XRP”
Sadly, it appears that XRP is unable to close above the pattern as the price has been rejected 2 days back to back now. The breakout will only be definite if XRP sees a closure above the pattern line. The 4-hour chart has turned bullish again with the EMAs crossing bullish and XRP trading above both of them.
XRP (XRP) Price Today – XRP / USD
# Name Price 24H % 3 $0.272
Currently, the Bulls are seeking for a higher low compared to $0.275 as they are seeking for support on the 12-period EMA. The overall market dominance for XRP has decreased in the last few days and it is back at about 5% while Bitcoin is moving closer to 70% once again.
Although the daily chart is in an uptrend currently and the EMAs stay crossed bullish. The diamond pattern can also be observed on the weekly chart which has been close to a change of trend. This week’s candlestick is trying to create a bullish reversal candlestick known as the hammer candlestick. Either way, recently, the bulls appear to have a lot of momentum