XRP price underwent a period of brief stagnation after securing the third spot in the cryptocurrency ladder. It closely mirrored the price movement of Bitcoin, XRP oscillating between a close range for nearly two weeks. Despite multiple attempts, the coin has been struggling to break the resistance.
Over the past 24-hours, the coin rose by 9.67% which pushed its price to $0.568. It held a market cap of $25.69 billion and a 24-hour trading volume of $11.6 billion, at the time of writing.
As depicted by the daily chart below, XRP continued to remain trapped inside its symmetrical triangle pattern. Is an upside break on the cards?
XRP Price Chart
The coin was consolidating above a crucial support line after establishing a local top. This level was last seen more than two years ago. But right after breaking the multi-year high, investors began to offload coins from their bags which induced a minor sell pressure.
Despite a gradual downward slope, the daily moving averages settled below the price candles to support the coin from a potential downside market correction in the coming days.
The 50 DMA [Pink] and the 200 DMA [Blue] continued to diverge which was a testament to a bullish phase.
The Bollinger Bands appeared to be converging which depicted a period of low volatility for XRP in the near-term. Following the week-long downtrend, the Awesome Oscillator also flipped red indicating a shift to bearish momentum.
Clearly, the bulls have failed to dominate XRP’s price to challenge record highs as anticipated. This essentially signaled towards a period of consolidation before a potential breakout.
Looking ahead, if the XRP bulls break the current level, it could target the first point of resistance lies at the recently breached $0.667. If the coin manages to surpass this level, it could target yet another crucial level of $0.778.
On the other hand, as depicted by the two moving averages, the support level for the coin was found to be at $0.391 and $0.27 respectively.