The XRP Price Rally has already seen it recover the level of $ 3.6 once this year before decreasing again. This deceleration has generated concerns of a possible end of the demonstration. But the formation of a cup and saucer pattern actually tells a different story. Since this pattern has not yet been completely fulfilled, there is the possibility that the XRP price rally has only entered a possible slowdown and continues to increase from here.
Why the XRP price rally is still in motion
Crypto Analyst Cryptinsightuk led X (previously Twitter) to share the formation of a cup and dish pattern in the XRP price pattern. This occurs after the double rejection of the level of $ 3.65, which now acts as the main resistance to the continuation of the Altcoin rally. However, although this double rejection is worrisome, the appearance of the glass and the saucer pattern suggests a sustained upward trend.
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Cryptoinsightuk explains that despite the rejections, the XRP price has continued to put higher minimums. Naturally, this is optimistic for the price, regardless of where the resistance is. Also through the table, it is obvious that there is still a way to go before the pattern develops completely and suggests a decrease in the price.
From here, the analyst expects the XRP price to continue increasing. One of the main reasons why this remains optimistic is the fact that this formation goes above the maximum previous range. Therefore, Cryptoinsightuk explains that it is more likely to be a continuation pattern that leads to a break that leads to a breakdown in the price.
If the cup and saucer pattern is maintained and continues as expected, then the following objective would be to try again and break the resistance that has been mounted at $ 3.65. Once this resistance is broken, then a continuation of the rally would put XRP again on the road to new maximums of all time above $ 3.8.
Spark Hope Alcistas Developments
The graphics not only show a bullish impulse for the XRP price, but other market developments have also put Altcoin on a positive path. The last of these is the approval of the sec of the Bitwise 10 crypto index At the beginning of the week, which includes XRP as one of the cryptocurrencies held by the bottom. Although the SEC finally maintained the decision and is now under review.
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This occurs only one week after the regulator approved the first ETF XRP for Commerce last week, racing a path for more institutional investors to have access to the Altcoin. Grayscale has also applied to convert its founder of Cap Greyscale Large LLC, which also includes XRP, in an ETF, and is also waiting for the approval of the SEC.
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