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The XRP price once again shows optimism, even after Altcoin has been plagued with falls. This time, the cryptocurrency is forming a very interesting pattern that suggests a continuation of the upward demonstration that began in April. While this pattern has not yet been completed, a total formation would be extremely optimistic for the price of Altcoin.
The XRP price leaves the Yo-Yo movement
Until now, the XRP price has been bouncing on the support just above $ 2, something that Crypt Metashackle analyst on the TrainingView website was compared to a ‘Yo-Yo’ movement. Instead, it has been a rising bullish pattern, which is known as a reverse dragon pattern.
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This reverse dragon pattern has been forming in the daily table, and the story shows that this means that the XRP price has the potential to increase faster from here. Until now, the analyst explains that Dragon Head is already being formed in the daily table. This is formed above the higher trend line shown in the table below.
The next phase of this, if completed, would be a strong upward movement as the bulls regain control. In addition, Metashackle predicts “a liquidation candle in the general area of ​​the weak cascade line dojo/inverse.” The ascending movement is expected to continue, already measure that this trend will take place in the coming weeks, the XRP price is expected to increase above $ 3 this month.
The analyst shows where the price can be directed below
While Metashackle sees that the XRP price rises with the formation of the reverse dragon pattern, another cryptographic analyst has given possible scenarios that could be developed from here in addition to the bullish. This comes into whether the bulls win, the bears take over or continue the current strip and loosen for control.
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The first scenario is whether the price breaks the resistance at $ 2,3612. In this case, the cryptographic analyst expects the price to continue rising. This bullish trend is expected to see multiple main levels before finally finding resistance to $ 2.9 again.
Another scenario is when the bulls break below the support of $ 2.03445, which has not yet happened. This could trigger more accidents for the XRP price, and the bearish trend could push it towards $ 1.6, where there is support to $ 1,63339.
Last but not least is whether the Bulls and Bears continue to compete for control without a clear winner. In this case, the cryptographic analyst believes that the lateral movement would continue. “At this time, a hidden divergence appears in XRPUSD as if strengthening the bearish mood,” explains the analyst. “If the price breaks the level of resistance, the hidden divergence will be canceled.”
Outstanding image of Dall.E, TrainingView.com box
