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XRP avoided a bullet after a symmetrical triangle appeared on its chart. Bulls were able to seize control and fight for higher ground after a break above the upper trendline. If a few potholes are avoided, XRP can set up a possible comeback to $1.30 by gaining a foothold above an important price barrier of $1.05 XRP was trading at $1.03 at the time of writing, up 5% in the previous 24 hours.
XRP 12-hour Chart
XRP battled past a symmetrical triangle which carried the threat of a near 20% sell-off. A breakout in the opposite direction saw XRP push above its 12-hour 20-SMA (red) and regain some momentum.For the time being, there were some tailwinds at the confluence of the 50-SMA (yellow) and the $1.05 resistance.
Earlier serving as support, the $1.05 region held firm after multiple attacks in recent months, but bears eventually punctured through during the wider market sell-off on September 20. While this was a difficult nut to crack, a close above this region could have huge upside. An additional 24 percent increase was possible if XRP could break through the $1.13 mark, which also coincided with the POC of the Visible Range. However, as the region between $1.10 and $1.17 has seen a lot of sell pressure in the past, expect this climb to be gradual rather than a long one.
The XRP indicators have made significant recoveries and have presented some buy opportunities. The RSI traded above 50, indicating that there was more room for growth before a reversal from overbought conditions. On the back of a bullish twin peak, the Awesome Oscillator registered its first green bar above the half-line in nearly a month. Finally, the Directional Movement Index recorded a significant crossover as the +DI line surpassed the -DI line.
XRP may trade below $1.05 in the coming days as bulls build momentum for an upward breakout. This would open up a path to $1.30 if bulls can overcome selling pressure between $1.10 and $1.17.