bullish

Resistance

Convergence

Divergence

<ul class="wp-block-list">
 <li>XRP consolidates in symmetrical triangle, nearing upper resistance at $0.60.</li>
 <li>Technical indicators suggest bullish momentum and potential breakout.</li>
 <li>Price target of $0.73 if breakout succeeds, or possible drop to $0.56 if it fails.</li>
</ul>
<a href="https://thenewscrypto.com/?s=Ripple" target="_blank" rel="noopener noreferrer nofollow">Ripple’s</a> XRP finds itself at a critical juncture as it approaches the upper boundary of a symmetrical triangle pattern that has contained its price action for the past month.
This consolidation phase, characterized by converging trendlines forming key resistance and support levels, may be nearing its conclusion as recent market gains push <a href="https://thenewscrypto.com/?s=XRP" target="_blank" rel="noopener noreferrer nofollow">XRP </a>towards a potential breakout.
Currently trading at $0.58, XRP sits just below the crucial $0.60 resistance level. A decisive breach above this threshold would signal a victory for bullish forces, potentially paving the way for major price appreciation.
Technical indicators lend credence to this bullish scenario, with the Moving Average Convergence Divergence (MACD) suggesting an imminent breakout.
<h2 class="wp-block-heading" id="h-xrp-macd-configuration-shows-bullish-picture">XRP MACD configuration shows bullish picture</h2>
<figure class="wp-block-image size-large"><img decoding="async" width="1024" height="501" src="https://thenewscrypto.com/wp-content/uploads/2024/09/image-75-1024x501.png" alt="" class="wp-image-108992" srcset="https://thenewscrypto.com/wp-content/uploads/2024/09/image-75-1024x501.png 1024w, https://thenewscrypto.com/wp-content/uploads/2024/09/image-75-300x147.png 300w, https://thenewscrypto.com/wp-content/uploads/2024/09/image-75-768x376.png 768w, https://thenewscrypto.com/wp-content/uploads/2024/09/image-75.png 1536w" sizes="(max-width: 1024px) 100vw, 1024px">
 <figcaption class="wp-element-caption">
 Source:&nbsp;<a href="https://www.tradingview.com/" target="_blank" rel="noopener noreferrer nofollow">TradingView</a>
 </figcaption>
</figure>
XRP’s MACD configuration presents a notably bullish picture, with the MACD line (blue) positioned above both its signal line (orange) and the zero line.
This alignment indicates that short-term momentum is outpacing long-term momentum, a setup often interpreted as a signal to exit short positions and initiate long trades.
Further bolstering the optimistic outlook, XRP has maintained a streak of positive funding rates since September 14, currently standing at 0.0090%. This persistent positive funding rate suggests that traders are willing to pay a premium to maintain long positions, reflecting widespread confidence in XRP’s upward potential.
Adding to the bullish narrative, XRP’s price has recently surged above its 20-day exponential moving average (EMA). This crossover signifies that buying pressure has overwhelmed the average price of the past 20 days, typically indicative of growing upward momentum and potential for continued price appreciation.
Should XRP maintain its current trajectory and successfully breach the upper trendline of the symmetrical triangle, technical analysis suggests the potential for a 23% price surge.&nbsp;&nbsp;

Ripple XRP Consolidates in Symmetrical Triangle, Nears Upper Resistance at $0.60

Table of Contents

TheNewsCrypto

Other articles published on Sep 25, 2024

Korean Traders Shift Focus from Bitcoin to Altcoins Amid Market Discount and U.S. Rate Cuts

Hedera Becomes Founding Premier Member of Linux Foundation’s New Decentralized Trust Initiative

Bill Maher Criticizes Crypto Mining's Impact on Environment

One of the Most Anticipated Airdrops Will Take Place Today: New Announcement Released

Warpcast Introduces System for Developing dApps Directly in Social Media Feeds

Weekly Article Recap: 9/09-9/13

Join our free newsletter for daily crypto updates!