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Ripple (XRP) earned itself a spot on CoinMarketCap’s trending list after it saw a more than 3% increase in its price over the past 24 hours of trading. This left the remittance token trading at $0.4834 at press time. Furthermore, technical indicators on the altcoin’s daily chart suggested that July could be a good month for the altcoin’s price.
From a technical perspective, XRP’s price had printed 3 higher lows over the past month. As a result, a bullish ascending triangle chart pattern formed on XRP’s daily chart. The latest low was printed on Friday and the remittance token’s price has been in a mini upward trend since then.
Over the past 24 hours, XRP was able to break above the 50-day and 20-day EMA lines, but retraced to trade back below the two technical indicators at press time. The altcoin’s price closing today’s trading session above the two EMA’s will be a bullish sign for XRP, and may result in a multi-week rally.
Should XRP successfully close today’s trading session above the 20-day and 50-day EMA lines, it will have the momentum needed to challenge the base of the bullish triangle chart pattern that formed on its daily chart at $0.5554 in the coming 2 weeks. A break above this level will clear a path for XRP to soar to $0.6862.
XRP’s journey to the base of the aforementioned chart pattern will not be a smooth ascent, as traders and investors may look to take profit. Should XRP’s price drop in the coming weeks, it will most likely result in a new higher low being established.
This bullish thesis will be invalidated if the 20-day EMA line crosses below the 50-day EMA line in the next few days, or if XRP’s price closes the next 2 trading sessions below the 50-day EMA line. In either of these scenarios, XRP’s price may be at risk of dropping to $0.4491. Continued sell pressure at this level may even push XRP’s price down to $0.4154.
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