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November 1, 2023

XRP Price Breakout Signals Prolonged Recovery Trend

Ethan Williams
Written byEthan WilliamsWriter
Researched byNikos PapadopoulosResearcher

The XRP price recently broke free from a two-month-long accumulation phase, indicated by its exit from a triangle pattern. This breakout resulted in an 11% gain, pushing the coin's price from $0.54 to its current trading level of $0.6. However, given the current market volatility, the question remains: can buyers sustain this momentum?

XRP Price Breakout Signals Prolonged Recovery Trend

Triangle Pattern Sets Extend Recovery

The completion of the triangle pattern sets the XRP price for another 12% surge. The $0.66 level stands as crucial resistance against buyers. The intraday trading volume in XRP is $1.56 Billion, indicating a 29% gain.

Over the last couple of months, the XRP price has primarily traded sideways within the trendlines of the triangle pattern. Typically, this pattern is considered a continuation pattern, suggesting a downward trend. However, buoyed by broader market sentiment, the XRP price broke through the upper trendline, signaling an early sign of a trend change.

XRP Price Ready for Sustainable Recovery

The high-momentum breakout on October 23rd and a successful reset to check price sustainability on the 27th indicate that the XRP price is ready for a sustainable recovery. Despite the current market uncertainty, the XRP price has surged by a modest 0.3%, forming a neutral daily candle. According to this pattern, the coin price looks set for another 12% gain, potentially reaching the $0.655 level.

Will XRP Recovery Hit $0.75?

If the anticipated XRP price rally to $0.655 occurs, it would also hit the 50% retracement level of the correction phase that began in mid-July. Traders may face intense supply pressure at this level, which serves as a crucial point for sellers to resume the prevailing downtrend. However, a breakout above this barrier would reflect weakness in bearish momentum and could prolong the recovery trend to $0.75.

In conclusion, the XRP price breakout from the triangle pattern signals a prolonged recovery trend. While there may be resistance at the $0.66 level, the current market conditions and the potential retracement level suggest that the XRP price could continue to rise. Traders should closely monitor the price action and consider the possibility of a breakout above $0.655, which could indicate a further upward movement towards $0.75.

About the author
Ethan Williams
Ethan Williams
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Ethan Williams, a lively 24-year-old lad from the UK, brilliantly fuses his passion for online casinos with top-notch English localisation, creating bespoke casino guides for Britain's keen gaming lot.

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