XRPUSDT has entered into an accumulation period between $0.6235 and $0.6800. Furthermore, a symmetrical triangle has formed on XRP’s 4-hour chart, which suggests that a breakout may soon take place. A potential indication of which direction XRP could break in is the medium-term positive price channel that the remittance token has been trading in over the past couple of weeks.Should XRP breakout towards the upside in the short-term, then it may attempt to flip the $0.6800 resistance level into support. Thereafter, persistent bulls could boost the remittance token’s price to $0.7595 in the next week. On the other hand, a negative breakout could lead to XRP retesting the immediate support level at $0.6235 in the following few days.
The daily Relative Strength Index (RSI) indicator shows that XRP’s upside potential is greater than its downside potential. As a result, traders may look to add the undervalued altcoin to their bags in the next few days.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.