Lorenzo Stroe
Independent Analyst
- Ripple price is bounded inside an ascending triangle on the 30-minute chart.
- Several on-chain and technical indicators have turned bullish in favor of the digital asset.
XRP, like the rest of the market, had a significant crash from its peak of $0.78 down to $0.456. The digital asset is currently trying to bounce back up, trading around $0.537, awaiting a clear breakout or breakdown from an ascending triangle on the 30-minute chart.
Ripple price aims for $0.7 as indicators turn bullish
On the 30-minute chart, the MACD has just turned bullish as Ripple price bounces off the lower boundary of the ascending triangle pattern. The upper trendline of the pattern stands at $0.574, and it’s the most critical resistance level.
XRP/USD 30-minutes chart
It seems that the trading volume is declining slowly, which indicates a potential breakout is happening soon. Cracking the resistance level at $0.574 can quickly drive Ripple price towards $0.7.
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XRP Holders Distribution chart
Surprisingly, the number of whales holding between 1,000,000 and 10,000,000 coins has been rising significantly during this correction, from 1333 to 1339 in the past 48 hours, adding even more credence to the bullish outlook.
However, a breakdown below the lower boundary of the ascending triangle would be a notable bearish sign with the potential to push Ripple price towards $0.448, using the height of the pattern as a reference.
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