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The altcoin market was in recovery mode, albeit it had been temporarily interrupted by modest sell-offs. The XRP market was also seeing price rises with little selling pressure, and this recovery attempt might lead to a spike in the commodity.
XRP was trading at $0.6638 with a market value of $31.35 billion at the time of publication.
XRP daily chart
XRP held on to the support level of $0.7079 until 21 June, when it fell to $0.4799. On June 23rd, the digital asset rebounded from this level and was now challenging the resistance. This rebound coincided with XRP reaching a continuous high of $0.7079, establishing the base of an ascending triangle. The slope of the triangle was indicated by the higher lows.
If the price successfully breaks through the $0.7079 barrier, we might see a price surge to $0.9374.
As the 50 Moving Average held above the candlesticks, the current XRP market was under negative pressure. As the asset continued to test resistance at $0.7079, the market became less negative, paving the stage for a possible breakthrough.
The Directional Movement Index, albeit negative, noted a convergence of the -DI and +DI. This was an indication that the XRP market was being eased of negative pressure. Meanwhile, the Stochastic RSI was rising and had reached the overbought zone, indicating that the XRP market was flooded with buyers at the time of publication.
If the purchasing pressure does not abate, XRP might break out to $0.9374, resulting in gains for traders who buy the drop.
Take Profit: $0.9269
Risk and Reward: 1.92
The present XRP market is teeming with energy and might experience an upward rise. Bearishness in the market was decreasing as purchasers continued to load their bags with XRP at the present price. This may propel XRP to $0.7074, resulting in a breakout.