Convergence

CRYPTO

Reversal

Amid the current market consolidation, the XRP price has remained stable, hovering above the $0.46 level to seek support above the long-coming support trendline. This week’s neutral candlestick pattern shows that neither buyers nor sellers are taking a definitive stance to drive the price direction. Nonetheless, as the <a href="https://coingape.com/ripple-vs-sec-judge-torres-doctrine-stands-xrp-secondary-sales-are-not-securities/">Ripple</a> vs. SEC legal case is gradually heading to its conclusion, market participants anticipate a significant directional shift in XRP’s price. 
Also Read: <a href="https://coingape.com/ripple-xrp-case-highlights-lawyers-on-odds-of-settlement-and-final-ruling-date/">Ripple XRP Case: Lawyers On Final Ruling Date, Odds Of Appeal &amp; Settlement</a> 
<h2 id="span-style-font-weight-400-xrp-price-eyes-major-bull-run-from-triangle-breakout-span">XRP Price Eyes Major Bull Run From Triangle Breakout</h2> 
<figure style="width: 100%" class="wp-caption alignnone">
 <img decoding="async" src="https://s3.tradingview.com/snapshots/a/a8nT4tgy.png" alt="BINANCE:XRPUSDT Chart " width="1909" height="890">
 <figcaption class="wp-caption-text">
 XRP Price| Tradingview
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The current downward trend in XRP began in early March, with the price dropping from a high of $0.74. This bearish shift resulted in a 36.8% decrease, bringing the asset’s value down to $0.427 and reducing its market cap to $26.28 billion. 
However, a look at the daily chart shows this bear cycle is part of a well-known continuation pattern called a symmetrical triangle. Under the influence of this pattern, the asset price tends to resonate within two converging trendlines to restore momentum for a particular direction. 
If the trend continues, the <a href="https://coingape.com/price/xrp/">XRP price</a>, currently positioned just above the pattern’s lower trendline, may experience increased buying interest. A potential turnaround could boost the price by 35%, aiming to reach the overhead trendline at approximately $0.63. 
Should XRP break out from the triangle pattern, it would mark the end of the ongoing consolidation phase and amplify the bullish momentum. With sustained buying, the post-breakout rally could surpass the $2 barrier.&nbsp; 
Also Read: <a href="https://coingape.com/popular-analyst-predicts-btc-price-reversal-after-dip-to-this-level/">Popular Analyst Predicts BTC Price Reversal After A Dip To This Level</a> 
Moreover, the Renowned trader EGRAG CRYPTO recently shared an optimistic analysis for XRP on social media, projecting a minimum price target of $6.4. 
<blockquote class="twitter-tweet"> 
 <a rel="nofollow" href="https://twitter.com/hashtag/XRP?src=hash&amp;ref_src=twsrc%5Etfw">#XRP</a> From Here To Here – Minimum Target: $6.4 
 With all the saga in the last couple of weeks, the monthly time frame candle formation is closing above Fib 0.236. This is simply a natural consolidation! <img src="https://s.w.org/images/core/emoji/15.0.3/72x72/1f4c8.png" alt="📈" class="wp-smiley" style="height: 1em; max-height: 1em;"> 
 Next target:<img src="https://s.w.org/images/core/emoji/15.0.3/72x72/1f3af.png" alt="🎯" class="wp-smiley" style="height: 1em; max-height: 1em;"> Fib 0.5! Flip it with conviction, and then we fly to Fib… <a rel="nofollow" href="https://t.co/SZzrwZeXxU">pic.twitter.com/SZzrwZeXxU</a> 
 — EGRAG CRYPTO (@egragcrypto) <a rel="nofollow" href="https://twitter.com/egragcrypto/status/1807295602796986519?ref_src=twsrc%5Etfw">June 30, 2024</a>
</blockquote> 
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script> 
The trader highlights that despite recent market fluctuations, XRP’s monthly candle is set to close above the Fibonacci 0.236 level, interpreted as a sign of natural market consolidation. 
Looking ahead, EGRAG CRYPTO suggests that the next significant target for <a href="https://coingape.com/trending/xrp-price-recovery-will-xrp-rank-under-top-5-in-2024/">XRP</a> is the Fibonacci 0.5 level. With strong market conviction, they believe flipping this target could pave the way for XRP to reach the Fibonacci 1.618 level at $6.4.&nbsp; 
The renewed buying interest in the broader market and the result of a long-running legal battle between Ripple and SEC will be major contributors to XRP price reversal. 
<h2 id="span-style-font-weight-400-technical-indicator-span">Technical Indicator:</h2> 
<ul> 
 <li style="font-weight: 400;" aria-level="1">BB Indicator: The downtick in the lower boundary of the Bollinger Band indicator indicates the seller’s strong influence on the market movement in XRP.</li> 
 <li style="font-weight: 400;" aria-level="1">Moving Average Convergence Divergence: Multiple crossovers between the MACD (Blue) and signal (orange) line accentuate a near-term market sentiment as neutral.</li> 
</ul> 
The post <a href="https://coingape.com/markets/xrp-price-may-soar-past-6-heres-why/">XRP Price May Soar Past $6, Here’s Why</a> appeared first on <a href="https://coingape.com">CoinGape</a>.

XRP Price May Soar Past $6, Here’s Why

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