Now that bitcoin (BTC) shoots up like a rocket , many are looking at the altcoins. BTC is currently registering an increase of 10.31%, while most altcoins managed to increase around one percent. Ripple (XRP) also managed to rise sharply in recent days, but has now fallen slightly again, but any new increases are not excluded on the basis of recent price movements.
At the time of writing, the value of ripple (XRP) is $ 0.4789 on CoinMarketCap after having increased in value by 2.16% in the last 24 hours. A few days ago, however, the altcoin was considerably higher.
The bulls managed to push XRP to $ 0.5175, a new yearly high . However, this increase proved unsustainable, resulting in a deep dive. Since then, XRP has been embroiled in a slight downward trend.
During this dive, XRP initially found support at $ 0.4670, but in the end this support did not hold. The exchange rate dropped further to $ 0.4618. From that point the price started to rise again slightly.
Based on the price movements of the past four days, it can be seen that XRP now forms a symmetrical triangle pattern. This means that the highs of the price are getting lower, but the lows are higher. This ultimately leads to two trend lines that move towards each other.
The expectation is that the trend that the course showed over the longer term will be continued upwards. Symmetrical triangular patterns usually signal the continuation of the current trend.
At the moment, the support line of the pattern is at $ 0.4610 and the resistance line is at around $ 0.4770. The course is as we are testing this line. The coming hours will therefore indicate whether the rate will drop again from here, or will actually break out.