XRP Price Prediction: The fifth largest cryptocurrency XRP has been very volatile over the past two months, and did not expect any dominance from buyers or sellers. Despite making noticeable price movements to show lack of commitment to a specific trend. However, this sideways move has adhered to two converging trend lines indicating the formation of a symmetrical triangle pattern. Here’s how this pattern could impact the near future trend of XRP.
Will XRP price return to the recovery path?
- Under the influence of the triangle pattern, XRP price may prolong the sideways trend.
- Market participants may see renewed buying pressure at the lower trend line of the pattern.
- XRP’s intraday trading volume is $779 million, indicating a loss of 29%.
The 2023 XRP price recovery can be tracked using an upward trend line that provides dynamic support to buyers. During major market corrections, investors have shown strong buying activity at this support, reflecting signs of a sustained recovery.
Amid the market sell-off on January 3, XRP price showed long-term rejection at this support, indicating that buying activity remains intact. On the other hand, the daily chart shows that a sloping resistance trend line is preventing this altcoin from achieving a long-term correction.
Two converging trend lines indicate the formation of a symmetrical triangle pattern. As of press time, XRP price is trading at $0.56 with an intraday gain of 0.23%. Amid the current market uncertainty, the coin price may decline another 10-12% to revisit the lower trend line.
In any case, XRP price may lengthen the sideways trend line until the chart pattern remains intact.
Where is the price of XRP headed in January?
For XRP price to resume the recovery trend, it needs an upward breakout from the triangle pattern. If buyers break the upper trend line, they may get suitable support to push the directional trend. The rise after the breakout could be 30% from the current trading price to reach $0.73, followed by $0.93.
Conversely, a breakdown below the triangle could push the altcoin below the $0.4 mark.