, 2022-12-06 15:25:30,
Published 3 hours ago
The XRP price has risen in response to the inverted flag pattern for the past three weeks. The altcoin is currently back to the pattern’s support trendline, trying to replenish the bullish momentum. Moreover, the reversal signs at the $0.39 mark and support trendline indicate the ongoing recovery will continue for a few more trading sessions.
- The long price rejection candles at the pattern’s support trendline trigger a new bull cycle
- A bull cycle within the inverted flag pattern sets the XRP price for a 12% jump.
- The intraday trading volume in the XRP is $823.5 Million, indicating a 5.66% loss.
Concerning the early November downfall in XRP price, the ongoing recovery showcases the formation of an inverted flag pattern. This bearish continuation pattern is often spotted in an established downtrend and intensifies the selling pressure upon the breakdown of its support trendline.
The XRP price currently trades at $0.389 and retests the pattern support trendline. Furthermore, the long-tail rejection candles combined with a rising trendline and $0.388 market reflect a high possibility of a bullish reversal.
A new bull cycle within this pattern will surge the prices back to the upper trendline, registering a 12% growth opportunity. Moreover, the XRP price will continue to recover until the mentioned pattern is intact.
On a contrary note, the decreasing volume during the recent recovery indicates this…
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