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XRP Price Prediction: Flag Formation Awaits A Bullish Breakout Above $0.80

XRP price took a breather after the previous session gains. The pair continued to trade in a very tight range with low volumes. The downside for the pair is capped near the $0.67 level.

  • XRP price trades in a very tight range with no meaningful action.
  • A decisive close above $0.80 will see more gains.
  • The price awaits a bullish breakout inside the flag formation.

As of writing, XRP/USD is trading at $0.79%, up 0.09% for the day. The sixth-largest cryptocurrency by market cap holds a 24-hour trading volume at $2,221,752,114 according to the CoinMarketCap.

XRP price set to move higher

Source: Trading View

On the daily chart, the XRP price is trading inside the ‘bullish flag’ pattern since over a month. The price rallied 25% in three days starting from February 7. Further, the price consolidates along with converging trendlines while making highs and lows inside the channel boundaries.

XRP price pierced above the crucial 50-day SMA (Simple Moving Average) at $0.75 on March 11 and continued to contain the support level. As a result, bulls make sustained moves toward the upper trendline aiming for $0.82 next.

Next, the upside filter could be found at the crucial 200-day SMA at $0.84. An acceptance above the mentioned level will see $0.87 on the bull’s radar.

Trading volumes have been rising along with the increase in prices.

On the flip side, a daily close below the session low will continue with the consolidation. Further, if the price slice the 50-day moving average this could result in the acceleration of the downside toward $0.73.

Technical indicators:

RSI: The daily Relative Strength Index oscillates near the average line. Currently, it reads at 55 with a positive bias.

MACD: The Moving Average Convergence trades above the midline with bullish momentum.

Disclaimer

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.

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