The past month has seen XRP as a relatively down asset, with most of the month being noted by its poor performance. Moreover, a turnaround a week ago quickly disappeared with the asset, as it is still currently at the $0.475 price level, and down 0.99% in the last 24 hours. However, XRP could be facing an uptrend as the recent ascending triangle pattern has emerged.
This development could certainly represent a changing tide for the asset in the long term. Specifically, as it undergoes a retest at its ascending support level, there could once again be bullish sentiment surrounding its performance.
XRP Shows Ascending Triangle
The Ripple native token has been marred by a rather disappointing June. Subsequently, bulls have eagerly attempted to retake the $0.5 level, to no avail thus far. However, there have been some developments that could point to optimism regarding the asset’s performance.
XRP could be facing an uptrend as an ascending triangle pattern has emerged on the asset charts. Additionally, the 100-day exponential moving average (EMA) of the token presents notable support for XRP. However, the asset has also boasted a 10.8% loss in trading volume, currently at $818.3 million.
Following a decline of 2.36%, XRP has seen its price fall to the long-coming support trend line. However, the coin has consistently bounced back from this level. Subsequently, it shows that investors are acquiring the asset on the dip, with a hopeful reversal arriving to help drive the price of the asset up to the $0.5 mark, with the $0.55 mark soon following.
The rising trendline of the asset has been vital in maintaining momentum for XRP’s price upward. Nevertheless, there are some worries surrounding the supply pressure in the market. Therefore, the bullish perspective could quickly change if the price falls below the ascending trendline. Therefore, sell-offs could occur, which would be followed by a notable decline in price for the asset.