XRP Poised For Bullish Breakout: Inverted Hammer Formation Signals Rise Above $0.8 Resistance
August 30 2023 - 3:00PM
NEWSBTC
After the initial excitement surrounding Ripple Lab’s partial legal
victory against the US Securities and Exchange Commission (SEC)
subsided, XRP experienced a decline that led it to test its 4-month
support line at $0.4240. However, the cryptocurrency has
demonstrated resilience by reclaiming its important psychological
level of $0.50 and reentering its previous consolidation or
accumulation zone. This renewed stability has sparked optimism
among bullish investors, indicating a potential rebound for XRP.
Presently, XRP is trading at $0.5295 with a 24-hour trade volume of
$1,419,623,015.56. This reflects a 1.89% increase in price over the
last 24 hours and a 1.60% increase over the past 7 days.
These gains and a promising chart formation suggest that XRP may be
poised for further growth in the days and months ahead. Potential
XRP Breakout As 2-Month Candle Nears Conclusion Crypto analyst
Egrag Crypto, known for insightful market analysis, recently took
to the social media platform X (formerly Twitter) to highlight an
intriguing development in the XRP market. Related Reading:
Ethereum Price Prediction for 2023, 2024, 2025, 2030 and Beyond As
the two-month candle for XRP draws to a close, it displays the
potential formation of an inverted hammer pattern. For further
context, the inverted hammer is a technical analysis candlestick
pattern that typically appears at the end of a downtrend. It is
characterized by a small body at the candle’s upper end, with a
long upper shadow and little to no lower shadow. The inverted
hammer pattern suggests a potential reversal in price direction. It
indicates that buyers have stepped in after a period of selling
pressure, causing the price to bounce back from its lows. As
seen in Egrag’s chart above, throughout 426 days, XRP has
demonstrated remarkable resilience, maintaining its market
structure and solidifying its foundation amidst market
fluctuations. On this note, Egrag further claimed: The chart
unequivocally illustrates this trend, consistent with my earlier
analyses wherein I underlined the significance of the 0.80c mark as
a pivotal macro resistance level. Establishing this price range as
a foundation marks a highly bullish macro stance. Notably,
per the information compiled by the analyst, this consolidation
around the mentioned price range indicates a highly bullish macro
stance for XRP Egrag Crypto predicts a scenario where the upcoming
candle could propel XRP towards the $2.3 range. However, this
achievement would merely serve as a stepping stone within a larger
macro range of $3.3 to $5.5, signaling a seamless continuation of
XRP’s upward trajectory. Egrag Crypto’s symbolic reference to
Valhalla beyond the $5.5 threshold reflects the analyst’s belief in
the substantial potential for XRP’s future growth. While these
words evoke a sense of grandeur, they emphasize the possibility of
XRP reaching unprecedented heights in the market. Amidst growing
anticipation within the crypto community, all eyes are on the
impending conclusion of the two-month candle, which holds the key
to a potential breakout indicated by the inverted hammer
formation. Related Reading: Binance To Delist Eight BUSD
Trading Pairs Soon, End Full BUSD Support By 2024 This pivotal
moment raises questions about whether the cryptocurrency and the
broader market are on the cusp of another upward trend, supported
by favorable macro conditions, or if they will face a test of lower
resistance levels again. Featured image from iStock, chart from
TradingView.com
Ripple (COIN:XRPUSD)
Historical Stock Chart
From Sep 2024 to Oct 2024
Ripple (COIN:XRPUSD)
Historical Stock Chart
From Oct 2023 to Oct 2024