XRP Price Analysis: XRP Token Rises Higher Within A Parallel Channel In The Daily Chart

  • XRP token price, in the 4-hour, has broken out of a symmetrical triangle with an almost 30% price boost.
  • The token has taken support from the 200 EMA daily but struggles to break the 100 EMA.
  • The XRP/BTC pair trades at 0.00002725 BTC with an intraday gain of 10.83%.

XRP token price faced rejection of more than 55% from the $1.66 level before seeking support from the $0.7 level. The coin price has managed to rise since inside a symmetrical triangle in the 4-hour technical chart. The decent volume range coupled with the recent growth implies increasing bullish sentiments.

The token price is below all 50 EMA in the 4-hour chart and struggles to rise higher. However, a volume expansion might make it possible. The sloping nature of the 100 and 200 EMA implies a downtrend, but the pattern’s breakout might dilute their influence.

The coin price is trading closely between the 200 (white) and 100 (green) EMA indicating an accumulation zone. Investors might soon see a breakout of this zone as the channel rises higher. 

The RSI (weakly bullish) indicates losing bullish momentum as the RSI line dips and heads lower into the oversold region.

The ADX projects an increased trend momentum as the slope in ADX is moving higher.

The XRP Token price has seen a fall of 14% in the intraday trading volume. Nevertheless, the market cap of the token has increased by 1.6% in the past 24 hours. The XRP/USD pair trades at $0.8833 as the Coin ranks at #7 in the crypto-verse. 

 Parallel Channel Rise Helping Bulls in XRP Token

In the daily technical chart, XRP token mages to rise inside a parallel channel after the dip from $1.66, resulting in an approximately 60% fall. As per the price action, the coin price might find some support near $0.7 and $0.45. On the flip side, the Coin may find some resistance near $1 and $1.33. 

David Schwartz, Ripple’s Chief Technology Officer, has suggested introducing federation sidechains to enable developers to execute smart contracts and decentralized finance (Defi) capabilities alongside the XRP Ledger. 

The boom in Defi on networks using smart contracts like Ethereum and Solana has been pressuring the company to take action and add the capabilities to the XRP Ledger.

Each sidechain would be its blockchain with a provision to transfer XRP and issued tokens among it and the primary ledger. XRP alleges that it only needs to make two trivial changes to the XRP Ledger to achieve sidechains.

Conclusion – XRP token may soon break out of the accumulation zone between 100 and 200 EMA in the daily chart. Furthermore, Investors may see the coin price touching the heights of $1.5 again. However, till the breakout of the mentioned structures, investors must hold on to their chips.

Support – $0.7 and $0.45

Resistance -$1 and $1.33

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