Altcoins are performing remarkably well at the moment, with many of them recording huge gains. However, some of these currencies have not yet seen a significant increase, although they are showing signs of a positive trend. One example is XRP.
XRP is currently on the edge of a falling wedge, a pattern that tends to result in an upward breakout. This pattern can be identified on the daily chart of the XRP/USDT pair. Furthermore, the Relative Strength Index (RSI) suggests an uptrend as it is above level 50. Another favorable indicator is that the price is above the 12- and 26-period moving averages (blue and green lines respectively), and It is currently breaking the 200-period moving average (red average).
On the four-hour (4H) chart, we note that at the end of January and beginning of February, the RSI reached the oversold level due to news about a hacker attack on the company Ripple. However, this did not affect the falling wedge pattern shown on the daily chart.
On the weekly chart, there is an All-Time High Trendline (LTA) that has been respected in the history of the XRP token, indicating solid support for the asset.
Key analysis suggests that XRP is poised for a major bullish move. All of these analyzes are in line with the movement observed in the XRP/BTC pair, which presents a descending wedge on the weekly chart. This suggests that XRP will outperform BTC upon the breakout of this falling wedge.
When analyzing the same XRP/BTC pair, we observed that on the daily chart, the RSI reached the oversold level, indicating a possible end of the downtrend of this pair and suggesting a possible trend reversal.
