Manoj B Rawal
Independent Analyst
- XRP stuck in a narrowing range of a contracting triangle.
- Long term range break on the cards, bulls and bears on equal footing.
Ripple's XRP has been stuck in a long term contracting triangle, which in itself means the range for the crypto has been on the low side with each passing day, which means lower volatility, till the time it reaches a breakout point which could be on either side.
XRP/USD is down just about half a percent on day at $0.3167 and in less than 2 percent range for the day. On the daily chart, after climbing as high as $0.76 in the month of September last year, the crypto has been retracing its gains, along with loss of volatility and loss of daily price range.
Which has resulted in the coin falling trap into a contracting triangle on the long term charts, result of which would be a break, soon enough, on either side of the triangle and may also result in wild price swings. Targets, after the break would be easily 40-50 percent afar from the breakout point.
XRP/USD daily chart:
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