. XRP price rally I have already seen how he recovered 3.6 USD this year before he slowed down again. This slowdown aroused concerns about the possible end of the rally. But creating a cup and a saucer pattern tells a different story. Because this pattern has not yet been completely met, there is a possibility that the price of XRP has only appeared in a possible slowdown and from hence it will grow.
Why the XRP price rally is still in motion
Crypto Analyst Cryptinsightuk started to X (previously Twitter) participation Creating a cup and saucer pattern on the XRP price pattern. This happens after a double rejection from $ 3.65, which currently acts as the main resistance to the continuation of the Altcoin Rally. However, although this double rejection is disturbing, the appearance of a cup and saucer pattern suggests a constant stubborn trend.
Cryptoinsightuk explains that despite rejection, The price of XRP still puts higher falls. Of course, this is stubborn at a price regardless of where the resistance lies. Also passing by the chart, it is obvious that there is still a road before the pattern is completely playing and suggests a decrease in price.
Hence, the analyst expects the price of XRP to actually raise. One of the main reasons why it remains stubborn is the fact that this formation exceeds the previous range. That is why Cryptoinsightuk explains that it is more likely that this is a continuation pattern leading to a breakthrough than lead to price failure.
If the pattern of the cup and saucer persists and continues as expected, the next goal would be a retest and breaking the resistance, which was installed at USD 3.65. When this resistance breaks, the continuation of the rally will restore XRP to the path to the novel highest all time above USD 3.8.
Stubborn development of solving hope
The charts show not only stubborn shoot at the price of XRP, but also other market changes also set Altcoin on a positive path. The latest of them is SEC approval for BitWise 10 Crypto Index Fund Earlier this week, which includes XRP as one of the cryptocurrencies owned by the fund. Although SEC ultimately remained a decision and is now under review.
It is only a week after The first XRP ETF has been approved In order to trade by the regulatory body last week, it paves the way for more institutional investors to have access to Altcoin. Grayscale also submitted an application for the conversion of its gray -gray Digital Huge Cap Fund LLC, which also includes XRP, in ETF, and is also waiting for SEC approval.
A distinguished picture from Dall.e, chart from tradingview.com
