Despite the ongoing case against the SEC, XRP is showing massive growth. The cryptocurrency has grown over 160% since July last, currently valued at $1.24.
Ripple found 38.2% retracement at 1.06 dollars, breaking the important 1 dollar psychological barrier. Furthermore, its consolidation takes a symmetrical triangle form on the intraday charts, indicating a bullish outcome for the cryptocurrency.
XRP spent the previous week consolidating the 65% gain to test the validity of its support. Now, the XRP is comfortably sitting above the 1 dollar psychological mark, finding retracement at 1.06 dollars.
The cryptocurrency is bursting the omnipresent resistance directed towards the 200-day SMA and the inverse head-and-shoulder neckline. The factors are steering XRP to the 50% retracement experienced during the April-July cyclical correction at 1.23 dollars.
The current consolidation is following the extremely overbought reading on the RSI. Thus, the tendency is to form a symmetrical triangle pattern between the 38.2% and 50% retracement levels.
Its measured move is around 22% from the falling trend line, predicting a 1.54 dollars price target for XRP. Its real test towards the set target will be witnessed around the 61.8% extension at 1.40 dollars. After that, it would place Ripple near 78.6% retracement at 1.65 dollars.
If the cryptocurrency breaks through the symmetrical triangle formation in the next 2-3 days, it will match the bullish Golden Cross pattern. If that happens, traders and investors will put more faith in XRP, increasing its growth.
Ripple released a minor portion of the 160% to consolidate for quick growth. As a result, its daily RSI fell out of the overbought category, preparing space for a new growth surge of higher prices and momentum.
Fundamentally, the bullish outlook seeks between 1 dollar and 1.06 dollars support. Closing below the range will result in a bearish turn, ruining its newly-found sustainability. Its downside targets are placed at 0.84 dollars for 200-day SMA and 0.78 dollars for the 50-day SMA.
However, the cryptocurrency is indicating a bullish outlook for the short term. Its recent proceedings with the SEC also play a role in the growth.