- Ripple price is lagging behind the major technical breakout aiming for a massive spike to $ 1.02.
- The age of Santiment consumed metric clues of imminent massive price moves for XRP.
Ripple price lost momentum after hitting levels above $ 0.7 on Tuesday. Its uptrend failed to hold above $ 0.72 and culminated in a minor correction below $ 0.7. Support appears to have been established at $ 0.66, allowing the bulls to offset the price at $ 0.68.
The Ripple price forms a crucial technical pattern with a 50% target
The international money transfer token has maintained a downtrend since its multi-year high of nearly $ 2. Numerous support levels have come into play to ensure the downward move is mitigated, but pressure from above is making it difficult for the bulls.
However, with the formation of a falling wedge pattern on the 12 hour chart, optimism for a massive breakout comes alive. A falling wedge is a strongly bullish pattern in technical analysis. It often works as a trend reversal as seen on Ripple’s chart.
Two trend lines form the wedge that connects sequential falling highs and a series of lower lows. The pattern starts with the asset seeing high volumes, but when the cone narrows, that volume contracts.
A breakout is expected before the trendlines converge, confirming that Ripple price is cracking the upper trendline resistance. Falling wedges give way to a precise breakout target that is the distance between the widest points of the patterns. Hence, from the breakout position, Ripple price can rise 50% and explore levels above $ 1.
XRP / USD 12-hour chart shows a falling wedge pattern
The exact time frame illustrates a bullish indicator of the convergence divergence of the moving average (MACD). A bullish signal occurred amid the rebound from last week’s support at $ 0.52 as the 12-day exponential moving average crossed the 26-day exponential moving average. The general bullish outlook is reinforced as the MACD crosses the zero line into positive territory.
The ripple price age consuming on-chain metrics signals immense price movements
According to on-chain data from Santiment, Ripple’s depleted age metric has risen, suggesting a massive price move is around the corner. The metric tracks the movement of previously inactive XRP tokens by calculating “the amount of XRP addresses that change daily times the number of days since they were last moved”.
It’s worth noting that spikes in the age consumed metric suggest that a huge amount of these previously inactive XRP tokens are changing addresses. When this happens the price tends to move significantly.
Note that the age used up does not indicate the direction that Ripple price will move; However, technical analysis shows that the uptrend is intact and XRP could hit levels above $ 1 in the short term.
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