Ripple’s XRP Might Reach 0.58 Per Newly Triggered Pattern
Rippel’s XRP has in the last hour tried to recompleted an ascending triangle that has been building since May 15th. The pattern is constructed by drawing an upward trend live via the May 17, 23, and June 9 lows, while a horizontal line intersects the May 16, 30, and June 23 highs. The pattern is now suggesting that if the price manages to end the day above the 0.4794 high that the price might reach the 0.58 high. The pattern will be active as long as the price trades above the 24 low at 0.4460.
The latest pattern follows the end of a multi-month period of sideways trading. Between December and mid-May, XRPUSD was oscillating around the 0.3275 level, and the price finally created a relatively well-defined rectangle pattern. On May 15 the price broke out of the range, and the price has remained bullish since then.
Time will tell if XRPUSD will be able to trade higher and reach the target of the ascending triangle pattern, but with most cryptocurrencies being in a bullish trend it would not surprise if the XRPUSD indeed reaches its target.
XRPUSD Daily Chart
As for the total crypto market cap, the market has clawed back 38.2% of its decline from the all-time set in January 2018. A large resistance level was formed on April 30, 2018, and that is a 50% correction of the slide from the all-time high. From today’s level, that resistance level is about 22% higher and could limit gains in cryptocurrencies if reached.