Armed with a Golden Cross, XRP readies itself for a possible bullish price breakout

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XRP was once the second largest cryptocurrency in the world. However, it has since been overtaken by Ethereum. Nonetheless, there might be a chance for it to see the good ol’ days again, and it all depends on how the technicals for XRP turn out to be.

The Technicals

XRP/USD

Source: TradingView

The XRP/USD chart is seen to be showing a massive potential breakout, quite possibly to the upside. The one-day chart shows the formation of an ascending triangle, which is underway. This bullish pattern suggests an upcoming bullish breakout for XRP. Adding more credibility to the above pattern is the Golden Crossover, which was last seen on May 27.

The breakout, if to the upside, will push the price of XRP from $0.4069 to $0.6253, which is an increase of 34% from the base of the ascending triangle.

XRP/BTC

Source: TradingView

The XRP/BTC pair as seen above shows positive confirmation, just as the XRP/USD pair. The XRP/BTC pair is forming an Adam and Eve Pattern [yet to be confirmed], which is also a bullish pattern and the breakout could start a bullish rally, taking the price of XRP to new heights in 2019.

The volume for Adam is usually high, whereas that for Eve is slow and there is reduced volume formation. However, true confirmation for this pattern would be the breach of the price above the peak between the two valleys. The price after this breakout would be explosive and take the price of XRP to new heights.

Conclusion

Expecting a bullish breakout for XRP in the near future wouldn’t be wrong considering the patterns being displayed. However, the price needs to fully conform to the above-mentioned patterns, which would further imply the breakout to be bullish.

Since altcoins have such a massive correlation with Bitcoin and the price of Bitcoin, at press time, had slipped down by more than 12% in over a day, it might seem highly unlikely that XRP and other altcoins can push higher. However, this does not negate the bullish patterns formed by XRP.


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Akash is your usual Mechie with an unusual interest in cryptos and day trading, ergo, a full-time journalist at AMBCrypto. Holds XRP due to peer pressure but otherwise found day trading with what little capital that he owns.

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