• Contact Us
  • Privacy Policy
  • Terms of Use
  • DMCA
Friday, August 12, 2022
Online Crypto College
Advertisement
  • Home
  • Live Crypto Prices
  • Crypto News
    • Bitcoin
    • Altcoin
  • Blockchain
  • Regulation
  • Trading
  • Learn Crypto
    • Free Crypto Training
    • iCoinPro Crypto Trading
No Result
View All Result
  • Home
  • Live Crypto Prices
  • Crypto News
    • Bitcoin
    • Altcoin
  • Blockchain
  • Regulation
  • Trading
  • Learn Crypto
    • Free Crypto Training
    • iCoinPro Crypto Trading
No Result
View All Result
Online Crypto College
No Result
View All Result

This pattern holds the key to XRP’s next price swing

June 1, 2022
in Altcoin
Reading Time: 5 mins read
A A
ShareShareShareShareShare

Related articles

Ethereum leads the charge against Bitcoin, rising 61% since June — Flippening price target at $3,750

August 12, 2022

Will BONE Double in Price Before Shibarium Launch?

August 12, 2022

With crypto’s decoupling from recent lows, XRP has followed the broader market trend, rising by 14% over the last 48 hours. However, the gaining spree might not stop here. Based on its technicals, XRP could surge by 22% and hit $0.53 should a key breakout materialize going forward.

XRP 4-hour Chart

Source: TradingView

Tracing XRP’s movement in May shows an active symmetrical triangle on the 4-hour time frame. The technical pattern, characterized by two sloping trend lines, indicates an incoming price swing after a consolidation phase.

Now, technically speaking, a symmetrical triangle breakout can occur in either direction but indicators can help one understand where the price would be headed.

The first bit of information comes from the 4-hour RSI. The index, which gauges market momentum, traded below 55 for nearly 3 weeks leading up to 30 May as bears controlled the market. However, the index finally rose past 55 and spiked to a 2-month high on 31 May. The development indicated that bulls were now pulling XRP’s strings.

Furthermore, positive readings on the RSI were supplemented by a crossover between the 4-hour 20-SMA (red) and 50-SMA (green). Referred to as a ‘golden crossover’, the signal is often observed before an uptrend and traders consider such readings to place early buy orders.

While XRP’s internals was looking optimistic, what about factors such as network growth which also have price implications? The data was mixed out here. As per an earlier analysis, XRP showed signs of accumulation but there wasn’t much network activity supporting a price hike.

How to trade XRP

Source: TradingView

Since there were some bearish arguments as well, the safest way to trade XRP would be to wait for a breakout before setting up trades. Should XRP rise above the 50% Fibonacci Retracement level, the price can shoot up to its 10 May swing high of $0.53, based on the target set by the symmetrical triangle.

To capitalize on the same, one can place buy orders at $0.44 and cash out at $0.53. A stop-loss can be kept at $0.40. The trade setup carried a 2.25 risk/reward ratio.

Credit: Source link

ShareTweetSendPinShare
Previous Post

$GGCM Announcing Private Sale: Gold-based on Blockchain Technology

Next Post

All top countries where crypto is legal, illegal or restricted

Related Posts

Ethereum leads the charge against Bitcoin, rising 61% since June — Flippening price target at $3,750

August 12, 2022

Ethereum is outperforming Bitcoin ahead of The Merge in September, with the second largest cryptocurrency by market cap rising 61%...

Will BONE Double in Price Before Shibarium Launch?

August 12, 2022

Shiba Inu (SHIB), the popular canine-themed crypto project celebrated its second anniversary earlier this month. The project has seen immense...

Coinbase credit ratings lowered by S&P Global on ‘weak earnings,’ competitive risk

August 12, 2022

Coinbase’s recent quarterly report has led S&P Global Ratings to lower its long-term issuer credit rating to BB from BB+...

Uniswap, Maker Whales in full action; Is DeFi summer here?

August 12, 2022

The Alt season index has been hovering around highs of late. As chalked out in a recent article, 75% of...

Bear market cycles see long-term holders capitulate and then accumulate

August 12, 2022

Determining the length of a market cycle requires looking at the past behavior of its participants. When it comes to...

Load More
Next Post

All top countries where crypto is legal, illegal or restricted

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

BlackRock Launches Bitcoin Trust — What This Means For A Spot ETF

August 11, 2022

U.S. SEC proposes boosting private fund disclosures on leverage, crypto

August 10, 2022

The Merge is causing a divergence between Ethereum and Bitcoin SOPR

August 11, 2022

BlackRock Launches Spot BTC Private Trust

August 12, 2022

Chronoly.io Maintains 560% Growth For Weeks,…

August 8, 2022

About Us

This is an online news portal that aims to provide the latest Crypto news, Altcoins, blockchain, regulations and much more stuff like that around the world. Feel free to get in touch with us!

What’s New Here!

  • Bitcoin Washout Is Over, Analysts Say
  • Bitcoin Is An alternative To Economic Condition, Says CEO Of Franklin
  • Tornado Cash’s Sanctions Show Shift in Crypto Regulatory Focus

Newsletter

Loading
  • Contact Us
  • Privacy Policy
  • Terms of Use
  • DMCA

© 2022 - OnlineCryptoCollege.com - All rights reserved!

No Result
View All Result
  • Home
  • Live Crypto Prices
  • Crypto News
    • Bitcoin
    • Altcoin
  • Blockchain
  • Regulation
  • Trading
  • Learn Crypto
    • Free Crypto Training
    • iCoinPro Crypto Trading

© 2018 JNews by Jegtheme.

  • bitcoinBitcoin(BTC)$24,153.000.10%
  • ethereumEthereum(ETH)$1,926.201.67%
  • tetherTether(USDT)$1.000.33%
  • usd-coinUSD Coin(USDC)$1.000.40%
  • binancecoinBNB(BNB)$324.33-0.29%
  • rippleXRP(XRP)$0.377889-0.63%
  • cardanoCardano(ADA)$0.540.66%
  • Binance USDBinance USD(BUSD)$1.000.24%
  • SolanaSolana(SOL)$44.472.95%
  • polkadotPolkadot(DOT)$9.350.91%
  • dogecoinDogecoin(DOGE)$0.0718900.79%
  • AvalancheAvalanche(AVAX)$29.080.48%
  • Lido Staked EtherLido Staked Ether(STETH)$1,875.242.04%
  • Shiba InuShiba Inu(SHIB)$0.0000131.21%
  • matic-networkPolygon(MATIC)$0.93-0.02%
  • daiDai(DAI)$1.000.33%
  • tronTRON(TRX)$0.070140-0.51%
  • wrapped-bitcoinWrapped Bitcoin(WBTC)$24,142.000.15%
  • ethereum-classicEthereum Classic(ETC)$42.77-2.13%
  • OKBOKB(OKB)$21.1712.97%
  • NEAR ProtocolNEAR Protocol(NEAR)$6.003.04%
  • leo-tokenLEO Token(LEO)$4.771.74%
  • litecoinLitecoin(LTC)$62.22-0.16%
  • chainlinkChainlink(LINK)$9.231.97%
  • FTXFTX(FTT)$30.880.37%
  • UniswapUniswap(UNI)$9.060.51%
  • CronosCronos(CRO)$0.1546731.74%
  • cosmosCosmos Hub(ATOM)$11.86-0.29%
  • stellarStellar(XLM)$0.1255880.05%
  • FlowFlow(FLOW)$2.94-3.18%
  • moneroMonero(XMR)$165.293.63%
  • bitcoin-cashBitcoin Cash(BCH)$142.06-1.35%
  • algorandAlgorand(ALGO)$0.3641760.40%
  • vechainVeChain(VET)$0.0329951.07%
  • filecoinFilecoin(FIL)$8.642.70%
  • ApeCoinApeCoin(APE)$6.89-0.35%
  • Internet ComputerInternet Computer(ICP)$8.251.24%
  • decentralandDecentraland(MANA)$1.06-0.37%
  • ChainChain(XCN)$0.087096-0.24%
  • HederaHedera(HBAR)$0.0823591.59%
  • tezosTezos(XTZ)$1.910.29%
  • The SandboxThe Sandbox(SAND)$1.32-0.99%
  • QuantQuant(QNT)$125.341.19%
  • Axie InfinityAxie Infinity(AXS)$18.56-0.22%
  • theta-tokenTheta Network(THETA)$1.621.66%
  • AaveAave(AAVE)$111.483.41%
  • ElrondElrond(EGLD)$65.47-0.92%
  • Lido DAOLido DAO(LDO)$2.692.34%
  • FraxFrax(FRAX)$1.000.40%
  • eosEOS(EOS)$1.32-0.30%