XRP is the form of Bullish reverse faucet pattern, can the price be much higher?
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XRP prices again show bullishness, even after the altcoin is in trouble. This time, cryptocurrencies have formed a rather interesting pattern, indicating the continuation of bullish rally that began in April. Although this model has not been completed, the overall form will create a huge bullish price on the altcoin price.
XRP price breaks through yo-yo movement
XRP prices have been bounced with support over $2, which Crypto analyst Metashackle compared to the “Yo-Yo” movement on the Tradingview website. Instead, it is a bullish pattern called the reverse dragon pattern.
Related Readings
This reverse dragon pattern has been forming on the daily chart, and history shows that this means that the XRP price is likely to rise faster from here. So far, analysts explained that the leader has formed on the daily chart. This is formed on the upper trend line shown in the figure below.
The next phase (if completed), as the Bulls resume control, will be a strong upward movement. Additionally, Metashackle predicts “clearing candles in general areas of weak dojo/reverse waterfall lines”. The upward movement is expected to continue, and XRP prices are expected to exceed $3 this month as this trend plays out over the next few weeks.
Analysts indicate price next
While Metashackle sees XRP prices rise with the formation of the reverse dragon pattern, another crypto analyst offers the possibility that can play from here besides the Bollish One. This is the Bulls Win, the Bears Take over or the current tug-of-war game continues. That’s the progress.
Related Readings
The first case is if the price breaks the resistance of $2.3612. In this case, crypto analysts do want prices to continue to rise. This uptrend is expected to see it break multiple major levels, and then eventually find resistance again at $2.9.
Another scenario is that this has not happened yet when the Bulls broke through at $2.03445. This could trigger further crashes at the XRP price, and the downtrend could push it to $1.6, with support there at $1.63339.
Last but not least, there is no clear control of the winners whether the Bulls and the Bears continue to compete. In this case, crypto analysts believe that the lateral movement will continue. “Currently, there are hidden disagreements on XRPUSD as if it will enhance bearish sentiment,” the analyst explained. “If the price breaks the resistance level, the hidden disagreements will be cancelled.”
Featured pictures from dall.e, charts from tradingview.com
