Important point
- XRP has been integrated for nearly three months.
- Prices are squeezed in the range of $ 0.80 to $ 0.74.
- Such market movements suggest that volatility spikes are underway.
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Ripple (XRP) appears to be gaining momentum in the breakout as it approaches the vertices of the symmetric triangle on the daily chart. Nevertheless, the direction of that trend is determined after a break in support or resistance.
Ripple seems to be prepared for volatility
Ripple appears to be preparing for significant price volatility after nearly three months of integration.
The cryptocurrency market has positively launched a trading session on Monday. While Ethereum surged 3.67%, Bitcoin gained more than 1,000 points in market value. Despite the early signs of optimism, most digital assets remain stagnant without a clear indication of where they are heading next.
For example, the price action of XRP has been staying within the symmetric triangle formed on the daily chart since late December 2021. The downtrend line developed with the swing high and the uptrend line formed with the swing low. This integration pattern estimates that outside the $ 0.80 to $ 0.74 price range, daily candlesticks determine the direction of the trend.
Given the vague outlook that Ripple presents, it makes sense to wait for a decisive break in support or resistance before entering the deal. Breaking any of these hurdles will result in a 39.50% price volatility of $ 1.12 if the bulls take over and $ 0.45 if the bears dominate. This target is determined by measuring the distance between the two highest points of the triangle and adding it to the breakout point.
It is worth noting that XRP is exposed to the risk of securities classification. Ripple has formed an all-star team of securities lawyers, including Andrew Celesney, a former director of the SEC’s executive office, but the fictitious “XRP = Security” court ruling is not overlooked. The spillover effect of such a decision can lead to the annihilation of many determined investors.
Disclosure: At the time of writing, the author of this work owned BTC and ETH.
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