After forming the fifth candle within a higher timeframe pattern that is usually formed immediately after a significant price increase, XRP is currently in a critical zone for price action, which analysts predict will shift in the coming months.
As the analysis shows, the token is adhering to a model that could send it from the $17 mark to $55.
One of the key elements underpinning this view is the formation of higher lows accompanied by sustained support at various levels. Following the completion of an ascending triangle pattern, the cryptocurrency has been exhibiting slow and steady movements, aiming to break out of the current trading range.
The present position of the token indicates that it is consolidating before embarking on an attack, either upwards or downwards. This pattern is closely observed by traders and analysts, and a breakout of the current resistance level signals a bullish run.
suggest that some major developments may take place in the next few weeks as volatility increases. The analysis focuses on a “macro channel” extending from $17 to $55, which is an essential channel for the token as it provides a clear line of direction for prices.
The $17 zone is now attainable, and if the coin stays on the channel and approaches $55 at the boundary of the tent, it becomes more probable.
For now, Egrag prefers to sell XRP at $27 as the price rises progressively. However, this trend indicates the current optimism within the market on short-term gains for the token. The MACRO Channel has also indicated an up move towards $55, but this move is likely to be met with some caution and preparation for fine-tuning.
As XRP stays confined within the MACRO Channel, the next several months will be marked by volatility for the coin. Since the price structure suggests that this altcoin is on an upward trajectory, the next candles will determine whether XRP will reach new highs. Currently, the $17 to $55 range is still the area of interest for active traders and analysts, with the anticipation of a massive breakout.
At press time, XRP is trading at $2.23, showing a decrease of 3.01% in the past day.
With the price movement, this digital asset has signaled that a big movement could be occurring soon by entering a consolidation phase. This consolidation phase may create a significant buying force, leading to a surge in price and making it a highly sought-after asset in the cryptocurrency market.
