At the start of this month, Ripple (XRP) had a tough fight in the market, mostly following a Bearish Trend. Most of the time this week, Ripple’s price was constrained between $0.2600 and $0.2400 considering all the various developments infused into its system.
On 6th of October, 2019 The 1-hour chart of XRP showcased the development of a Symmetrical triangle, which the trend was basically traveling from September into October. This symmetrical triangle was depicted by two converging trend lines joining a segment of lower highs at $0.2424, $0.2441 and $0.2498 and higher lows observed at $0.2618, $0.2610, $0.2658 and $0.2549. The same formed trend lines joined together almost at an equal slope, but this trend also shows that it could break out on the coming side.
Moreover, the MACD Indicator gave the Impression of an uprising Bearish market after a recent crossing with the signal line, putting a reversal in the bullish trend.
The 4-hour chart of the same day showed more significant information, It turns out that a Bullish wave might hit the XRP ecosystem as the new ascending triangles formation was ongoing. The Bullish pattern was born by a horizontal resistance at $0.2554 and a climbing trendline, depicting lower highs at $0.2192, $0.2356 and $0.2462. XRP is more likely to push upwards, all thanks to the recent Bitcoin’s strong price recovery.
In accordance with the four-hour chart of XRP, a bullish gain in the bearish market may be forming, as the ongoing resistance of XRP was observed at $0.2600 and support was seen at $0.2356 with XRP now trading at $0.2537.
As of today, XRP has had a steep climb of 81%, showcasing the actual Bullish behavior as observed from the charts previously yesterday. Bitcoin’s new bullish trend and more fascinating strong price recovery are all to blame for XRP’s comeback.
XRP is now seen aiming for further height and much increase in the asset value with given resistance and support levels.