Technology

Ripple/XRP: Price indicates an imminent breakout

The current price of XRP at the time of writing was at $0.2970, with a market cap of $12 billion.

The one-hour chart for XRP shows a narrowing of the trend lines which has caused the volatility in the price to seep out.

As the hourly candles keep spawning they are getting bounced off of the trendlines indicating a consolidation of the prices.

Moreover, the prices have broken major short-term support at $0.29668 on February 6, 2019. However, the breach in the support was temporary, as the prices are fighting to get back up and the broken support is now acting as a resistance holding the prices below it.

The breakout from this bear flag/pennant-like formation is imminent and the breakout can happen either to the top or to the bottom.

However, it can be speculated that the prices breaking out to the top is a more probable outcome since the bears have already drained out in the energy in bringing the prices as low of $0.29, but then again, it is not the only outcome.

Source: Read Full Article