XRP Price Prediction: Ripple’s Key Technical Pattern Catalyzes Takeoff to $0.85
- Ripple price moves closer to $0.7 after being stuck under $0.65 since last week.
- The symmetrical triangle pattern has a 32% breakout target that may bolster XRP price to $0.85.
Ripple price explored the rabbit hole to $0.52 early last week. The selloff hammered most crypto assets in the market, whereby Bitcoin and Ethereum dived under $30,000 and $2,000, respectively.
Toward the end of last week, Ripple had reclaimed the position above $0.6 but could not close the gap to $0.7. The weekend session and the trading on Monday were characterized by slugging price action, with XRP price limited at $0.65.
As the week progresses, Ripple seems to be gaining momentum. At the time of writing, Ripple teeters at $0.66 amid a continuing technical breakout.
Ripple price resumes the uptrend following a symmetrical triangle breakout
The four-hour chart reveals the formation of a symmetrical triangle pattern. This bullish chart pattern is formed by converging trend lines that link a series of sequential peaks and troughs.
These trend lines cross at an approximately equal slope, revealing a period of consolidation ahead of either a breakout or a breakdown.
Realize that a breakdown occurs from the ascending trend line and identifies the beginning of a downtrend. On the other hand, a breakout happens at the descending trendline and signifies the start of a bullish trend, as shown on Ripple's chart.
Symmetrical patterns tend to have precise price targets for the breakout or breakdown, mainly measured from the highest point to the pattern's lowest point. For instance, if the technical outlook holds, XRP will swing 32% from the breakout position to retest the resistance at $0.85.
XRP/USD four-hour chart
The same four-hour chart illuminates a bullish signal from the Moving Average Convergence Divergence (MACD) indicator. Keep in mind that the MACD is a momentum oscillator utilized in trading trends but rarely used to identify overbought and oversold conditions. The trend momentum indicator manifests on a chart with a couple of trend lines oscillating with no boundaries. Note that the crossover of these two lines is a trading signal resembling that of the moving average system.
Note that crossing above the midline (zero line) is a bullish signal, while crossing below the same line is bearish. Moreover, when the MACD line (blue) crosses above the signal line, the bullish outlook is validated. For now, the MACD on XRP's chart has a vivid bullish outlook, implying that the breakout to $0.85 may materialize in the coming sessions.