The majority of the cryptocurrencies have started an uptrend, while some have recorded all-time highs. Despite the stagnant performance in the previous two weeks, many believe XRP’s breakout is imminent.
Currently ranked the 6th largest cryptocurrency by market capitalization, Ripple is a popular name in the crypto world. However, XRP recently endured a 10-day long stagnation period, hitting lower highs and higher lows.
The trend has resulted in XRP forming a symmetrical triangle on the 4-hour chart. With Ripple reaching the triangle’s pinnacle, it shows clear signs of striking back. If the 4-hour candlestick closes below 1.18 dollars or above 1.26 dollars, the cryptocurrency is expected to surge by 30.74%.
Experts have formulated the numbers after studying the symmetrical triangle’s height and y-axis to assess its breakout point. Regardless of the ambiguous outlook presented by the symmetrical triangle, the reverse and parabolic stop is leaning towards the positive side.
As per the trend-following indicator, the downside XRP touched during the weekend has exhausted after hitting the price below the 4-hour chart.
The industry has witnessed several instances where the stop and reversal system has been spot on. For example, the previous two times, XRP’s Parabolic SAR shifted from bearish to bullish within the 4-hour chart; its growth dipped by 14.72% and 32.43%.
The trend might repeat again as the parabolic stop and reverse points are turning bullish. A surge in the buying pressure that forces Ripple above the trend line at 1.26 dollars may lead to a 30.74% growth towards 1.65 dollars.
However, traders must keenly follow the 1.18 dollars support level since any downswing can invalidate the optimistic outlook.