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<img width="1200" height="681" src="https://coingape.com/wp-content/uploads/2023/12/BGRgjyXr-e1702482054507.png" class="attachment-full size-full wp-post-image" alt="XRP price" decoding="async" style="float:right; margin:0 0 10px 10px;">
XRP, the fifth-largest cryptocurrency, <a href="https://coingape.com/markets/xrp-price-prediction-sellers-dominate-xrp/">has been underperforming</a> in comparison with the general bullish sentiment in the recovered market. While a majority of major cryptocurrencies showed significant growth in late November to early December, the XRP price showed a bullish upswing within the range of a symmetrical triangle pattern which led to a midterm sideways trend. While this consolidation may indicate an uncertain sentiment, the pattern may assist in providing some insight into the near-term future. 
Also Read: <a href="https://coingape.com/flare-network-to-bring-new-utility-to-btc-xrp-and-doge/">Flare Network to Bring New Utility to BTC, XRP, and DOGE</a> 
<h2 id="b-can-triangle-pattern-renew-recovery-trend-b">Can Triangle Pattern Renew Recovery Trend?</h2> 
<ul> 
 <li style="font-weight: 400;" aria-level="1">The daily candle with long-tail rejection hints at renewed buying pressure within a triangle pattern</li> 
 <li style="font-weight: 400;" aria-level="1">A bullish breakout from the triangle is needed to trigger a directional recovery.</li> 
 <li style="font-weight: 400;" aria-level="1">The intraday trading volume in the XRP is $1.39 Million, indicating a 30% gain.</li> 
</ul> 
<figure style="width: 100%" class="wp-caption alignnone">
 <img decoding="async" src="https://s3.tradingview.com/snapshots/b/BGRgjyXr.png" alt="XRP Price" width="1946" height="1104">
 <figcaption class="wp-caption-text">
 XRP Price| TradingView Chart
 </figcaption>
</figure> 
The second week of December has been highly volatile for a majority of major cryptocurrencies as the <a href="https://coingape.com/price/bitcoin/">Bitcoin price</a> reverted down to $44,500. This Lack of bullish momentum took a significant toll on XRP as it dropped from $0.7 to $0.59, registering a 15.36% loss.&nbsp; 
However, the correction has stalled at the lowest upper trendline of a symmetrical triangle pattern, reflecting renewed buying pressure from below. If the coin price continues to follow the path of this chart setup, the XRP price would surge another 9% to hit the upper tendon and continue its ongoing sideways trend.&nbsp; 
<blockquote>
 However, the near-term projection for <a href="https://coingape.com/price/xrp/">XRP price</a> is currently sideways and may remain so until the 2 converging trendlines of the patterns are intact. Having said that, the historical bullish sentiment of Christmas and New Year could bolster this altcoin for a bullish breakout from the upper trendline.&nbsp;
</blockquote> 
This breakout could surge the prices by 36.3% from the current trading price to hit $0.83. 
<h2 id="strong-will-xrp-price-correction-break-below-0-6-strong">Will XRP Price Correction Break Below $0.6?</h2> 
If the market correction strengthens, the XRP price may witness a bearish breakdown from the lower trendline, which would offer sellers an additional barrier to pressurize buyers. The post-breakdown fall could plunge the prices by 12-15% to revisit the lower trend line around $0.53. 
<ul> 
 <li style="font-weight: 400;" aria-level="1">Bollinger Band: A flattish lower boundary of the <a href="https://coingape.com/education/bollinger-band/">Bollinger Band indicator</a> offers additional support to buyers.&nbsp;</li> 
 <li style="font-weight: 400;" aria-level="1">Average Directional Index: The continuous drop in ADX slope reflects the weakening of bullish momentum.</li> 
</ul> 
The post <a href="https://coingape.com/markets/key-levels-to-watch-as-xrp-price-enters-consolidation-phase/">Key Levels to Watch as XRP Price Enters Consolidation Phase</a> appeared first on <a href="https://coingape.com">CoinGape</a>.

Key Levels to Watch as XRP Price Enters Consolidation Phase

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