In the last two weeks, cryptocurrency prices have plummeted. Bitcoin’s price has dropped below $50,000, while Ethereum’s price is hanging around $4,000. Over the last two weeks, cryptocurrencies have lost more than $800 billion in value.
Ripple (XRP) has been consolidating towards a breakout with lower highs and higher lows since last week. The breakout appears to be taking place today, aided by a shift in market mood that is propelling stocks higher and is predicted to bolster cryptocurrencies as well.
Expect a rebound to $1.0 as more investors begin to buy XRP coins, with a potential gain of 20% by the end of the week.
As investors fixate on the approaching Federal Reserve interest rate decision and the current SEC litigation, the Ripple price is under pressure. The XRP coin is currently trading at $0.8267, which is unchanged from the previous several days. This pricing is around 57% lower than its maximum point this year.
Currently XRP is showing bearish signs with resistance was found at $0.85, resulting in a gradual overnight reverse back to the downward. As a result, with the current low at $0.81, we can expect another test of the downside later today.
XRP is building a lengthy symmetrical triangular pattern, as shown in the graph above. This suggests that if XRP maintains its upswing, there’s a potential the cryptocurrency will surge and break through its first resistance mark at $1.44.
Traders and investors may expect XRP to touch the rising price of $2 in no time if it happens. XRP has rallied off an important level at $0.80 after a prolonged downward trend. If the market continues to trade above it, a drop to the nearest resistance level of $1.01 is possible.
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