XRP: 40 Percent Hike in the Coming Weeks on the Charts?

XRP: 40 Percent Hike in the Coming Weeks on the Charts?

XRP broke out of its falling wedge formation but is still below its swing high of $1.30. A 24-hour retracement would form a symmetrical triangle, from which $1.60 may be obtained.

Moreover, the sentiment is anticipated to be positive following Ripple’s recent court victory against the SEC. XRP was trading at $1.25 and ranked sixth on CoinMarketCap at the time of writing.

Uncertainty abounded when XRP broke over an upper trend line bullish pattern. A throwback is likely if an asset breaks out of a low volume trend.

Also, a move south and a closing below the 20-SMA (red) would enable sellers to extend losses to $1.12. This would result in a symmetrical triangle. A successful breakthrough would target $1.60.

To avoid this scenario, XRP must close above $1.30. An early breakthrough would be extended, with goals slightly over $1.40. Retracements and closes below $1.05 would weaken XRP’s bullish structure.

After reversing overbought circumstances last week, the RSI seemed poised for another ascent. Some Awesome Oscillator momentum accompanied this.

The Directional Movement Index (+DI) traded above the -DI, indicating that XRP’s bullish run was not about to stop. If the RSI and AO continue to rise, a retest of $1.12 is unlikely.

Conclusion

A falling wedge pattern allows XRP to target $1.40. A new bottom below $1.120 would enable XRP to form a symmetrical triangle with higher breakout potential.

If the market continues in this direction, a 40% increase to $1.60 is possible in a few weeks.

The current XRP price today is US$1.25 for a 24-hour volume of trade of US$4,492,636,562 as per CoinMarketCap.

A trader himself, Rossi has 7 years of experience trading in the forex market and the passion for writing has brought him to Newscrypto. He is the perfect combination of market knowledge and writing skills, making him one of the most sought-after writers on cryptocurrency.