Ripple (XRP) has entered a bull run after breaking out of the $0.39 level of resistance to trade at about $0.43 as at the evening of Wednesday (May 15) on selected Crypto exchanges.
In the early hours of May 15, 2019, the second largest Altcoin after Ethereum surged to $0.44 which is a 16.96% growth according to Bitstamp charts. However, the market has since corrected itself and the price has slid back to about $0.43. Nonetheless, the reversal is set to consolidate at above $0.4 which is a crucial milestone for investors who have been anticipating a breakout in the Crypto market bullish momentum wave.
XRP Price Had Been Sluggish
Ripple bull run has been unresponsive to the Bitcoin rally effect that has resulted in BTC breaking of numerous levels of resistance from $5,800, $6,000, $6,500, $7,200 and lastly the recent $8,000 that was achieved on Tuesday (May 14).
Additionally, in several days of trading in the past 6 weeks, XRP was in the red with a few days of marginal gains. This scenario led XRP to trade on average at the $0.3 level for weeks.
In April, for instance, XRP grew slightly from $28.5 to about $0.33 as at the month’s end. In May, however, the price dipped to $29.5 before steadily gaining ground and establishing a level of support that has been followed by the prevailing bull run.
The Market Cap Is Also On An Upward Trend
XRP market capitalization has also gained by more than $6billion in the period between April 26 where it was priced at $28.5 and Wednesday (May 15) where the market cap is $18,200,000,000.
In comparison, Ethereum’s market cap is about $25 billion while Bitcoin leads the market at a market capitalization of more than $143. Overall, the total market cap is at over $240 billion where Bitcoin dominates at 58%.
Ripple Is Defying The Triangle Pattern Indicator
XRP price pattern for December 2018 to the current period forms a triangle that has been showing that Ripple is headed for a bearish cycle. Instead, a break below is not materializing and the Token has broken out in a market where upward pressures are dominating.
Since XRP is experiencing the triangle breakout, the least target that the bull can achieve is a size that exceeds the peak triangle price of $0.46 that is expected to be more than $0.5 in the short run.
Has XRP Bottomed Out?
It is not yet clear whether XRP has reached its lowest level of support by the triangle tool as the price is yet to surge to more than $0.5. However, the charts from Bitstamp shows that should XRP surge beyond $0.57, a bottom has been achieved and the trajectory is more inclined to point on the upside. If the target is not achieved as per the forecast, a bearish bias is likely to ensue and XRP could become bearish again.
Overall, Bitcoin, Ethereum, Litecoin, and other Digital Assets listed on Crypto exchanges have already bottomed out. Hence, XRP is also likely to be under their bullish impulse.