Wednesday, June 12, 2024

Two probable XRP breakout scenarios discussed.

Although the weekly gains of XRP were good at 4 percent, it was not impressive as compared to some other altcoins including Cardano, Polkadot, and Solana. If XRP has to reach its level, it has to go north from its increasing price volatility. At the same time, it is imperative to note that irrespective of the outcome, its price is tipped to move up, particularly as it showed a bullish trend on the weekly chart.

An early breakout seems to be the first possibility at this point in time. Purchasers can carry out an instant close above the currency’s upper trend line influenced by its close above the 20-SMA. A step such as this would illuminate the price levels 1.35 USD and 1.40 USD. The 24-hour trading volumes would, however, require accumulating more if the cryptocurrency has to move upwards.

Another probable outcome could be a retracement, as well as, a likely lower low at the one dollar mark. If sellers of the currency step in at the resistance level of 1.21 USD and refuse further upside, the market could behave in this pattern. Typically, it would permit buyers to make an entry at $1.05, a much stronger price level if the price does not finally cross the upper trendline. A close less than the one dollar mark may spoil possibilities of a favorable result. It could lead to a break out in the reverse direction as well.

Final thoughts

XRP has to close above its earlier swing of 1.30 USD to see an early breakout. In case the market is affected by weakening volatility and low volumes, the cryptocurrency would continue to move within the same pattern and even reach a newer low price of $1.05.

Cryptured Team
Cryptured Team
The writers team at Cryptured.com is composed of passionate and experienced journalists who cover the latest developments in the crypto and blockchain space. They aim to provide accurate, unbiased and easy-to-understand news and information for their readers, as well as insights and analysis from industry experts. The writers team is always on the lookout for new and exciting stories that can help the general public learn more about the potential and challenges of these technologies.
RELATED ARTICLES

Most Popular