With a declining trend at play, the XRP price action reveals a bearish pattern in the making. Further, the market crash put the Ripple token under the $0.50 psychological mark.
However, with the recent XRP price recovery along with the increasing chances of market recovery, the altcoin is ready for a bull run. Will the bullish trend reach $1? For a longer-term prediction, check out our XRP price prediction.
A Bullish Outcome For Falling Wedge Pattern?
Reversing from the $0.7221 mark, the declining trend in the XRP price action reveals a falling wedge pattern in the daily chart. Further, the downfall fuels the death cross in the 50D and 200D EMA.
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Dropping below $0.50, the altcoin finds support at a declining trendline near the $0.4183 mark. With a new recovery rally, the altcoin is up by 10% in five days and challenges the overhead trendline.
Currently, the XRP price trades at $0.4672, with an intraday rise of 4.07%, creating the fifth consecutive bullish candle. The altcoin shows massive upside potential by using a wedge breakout with a rounding bottom reversal.
Technical Indicator:
EMA: With a bullish comeback, the XRP token challenges the 50D EMA, as the average line declines after the deathcross.
RSI: The daily RSI line shows a quick reversal from the oversold boundary, reflecting a massive surge in demand for the XRP token.
Will XRP Price Reach The $1 Milestone?
As the bullish reversal in the XRP price gains momentum, the sideline traders are anticipating a breakout rally. With the wedge breakout, the altcoin could challenge the 200D EMA at $0.53.
Further, as per the wedge pattern, the Ripple token price could hit the peak of $0.72. Considering that altcoin finds the support of the broader crypto market recovery, the uptrend in XRP could hit the $1 psychological mark.
