XRP Price Trend: Broadening Wedge
As Bitcoin prepares for a bullish rebound, Ripple (XRP) does too. The cryptocurrency has rebounded 3.34% intraday to reverse a 22% slump in 7 days.
Bullish traders expect a reverse rally from a major trendline as Ripple dominates over $2.40. Does this reversal get the cryptocurrency closer to $4? Find out.
XRP price activity shows two divergent support and resistance trendlines on the daily chart. These trendlines produce a bearish expanding wedge pattern.
Over the previous three weeks, the cryptocurrency has completed a bearish cycle, dropping 30%. Bulls are rallying at XRP's crucial support trendline.
The cryptocurrency is climbing 3.74% intraday toward $2.40, maybe before reaching the 100-day EMA level. The rebound rally resembles a morning star pattern, suggesting a bullish turnaround.
Bulls are recovering momentum, thus the cryptocurrency may challenge 23.6% Fibonacci overhead barrier. The 50-day EMA coincides with $2.50 resistance, causing significant supply pressure.
A breakthrough might take the cryptocurrency to $3.17, the 50% Fibonacci level. Perhaps a complete bullish reversal inside the pattern might test the 78.6% mark at $3.80, improving XRP's chances of hitting $4.
Despite bullish momentum, negative takeovers are probable. Histograms reveal high bearishness, while MACD and signal lines are bearish.
Altcoin might reach $2.00 if it closes below the support trendline. If cryptocurrency fails to maintain this level, the 200-day EMA around $1.60 will be the last defense.
Whale buildup enhances bullish comeback odds. Whale support boosts XRP's chances for a breakthrough rise
