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XRP Is Forms Bullish Reverse Dragon Head Pattern, How High Can Price Go?
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XRP Is Forms Bullish Reverse Dragon Head Pattern, How High Can Price Go?

Scott Matherson
Scott Matherson
3 weeks ago
3 mins read
XRP

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The XRP price is once again showing bullishness, even after the altcoin has been plagued by dips. This time around, the cryptocurrency is forming a rather interesting pattern that suggests a continuation of the bullish rally that began back in April. While this pattern is yet to be complete, a total formation would be extremely bullish for the altcoin’s price.

XRP Price Breaks Out Of Yo-Yo Movement

So far, the XRP price has been bouncing at support just above $2, something that crypto analyst MetaShackle on the TradingView website likened to a ‘yo-yo’ movement. In place of this has been a rising bullish pattern, which is known as a Reverse Dragon Pattern.

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This Reverse Dragon Pattern has been forming on the daily chart, and history shows that this means the XRP price has the potential to rise faster from here. So far, the analyst explains that the Dragon head is already forming on the daily chart. This is forming above the upper trend line shown in the chart below.

XRP price
Source: TradingView

The next phase of this, if completed, would be a strong upward move as bulls regain control. Additionally, MetaShackle predicts “a liquidation candle in the general area of the Weak Dojo/Reverse Waterfall line.” The upward movement is expected to continue, and as this trend plays out over the next few weeks, the XRP price is expected to rise above $3 this month.

Analyst Shows Where Price Could Be Headed Next

While MetaShackle sees the XRP price going up with the formation of the Reverse Dragon Pattern, another crypto analyst has given possible scenarios that could play out from here besides the bullish one. This goes into whether the bulls win, the bears take over, or the current tug-of-war for control continues.

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The first scenario, is if the price breaks the resistance at $2.3612. In this case, the crypto analyst does expect the price to continue to go up. This uptrend is expected to see it break multiple major levels before finally finding resistance at $2.9 again.

XRP
Source: TradingView

Another scenario is when the bulls break below support at $2.03445, which is yet to happen. This could trigger further crashes for the XRP price, and the downtrend could push it toward $1.6, where there is support at $1.63339.

Last but not least is if the bulls and bears continue to vie for control with no clear winner. In this case, the crypto analyst believes the sideways movement would continue. “At this moment, there is hidden divergence appearing on XRPUSD as if it will strengthen the bearish mood,” the analyst explains. “If the price breaks the resistance level, the hidden divergence will be cancelled.”

XRP price chart from TradingView.com
Price sees sharp recovery toward $2.2 | Source: XRPUSDT on TradingView.com
Featured image from Dall.E, chart from TradingView.com
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Scott Matherson
Scott Matherson

Scott Matherson

Scott Matherson is a prominent crypto writer at NewsBTC with a knack for capturing the pulse of the market, covering pivotal shifts, technological advancements, and regulatory changes with precision. Having witnessed the evolving landscape of the crypto world firsthand, Scott is able to dissect complex crypto topics and present them in an accessible and engaging manner. Scott's dedication to clarity and accuracy has made him an indispensable asset, helping to demystify the complex world of cryptocurrency for countless readers.

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Scott’s experience spans a number of industries outside of crypto including banking and investment. He has brought his vast experience from these industries into crypto, which allows him to understand even the most complex topics and break them down in a way that is easy for readers from all works of life to understand. Scott’s pieces have helped to break down cryptocurrency processes and how they work, as well as the underlying groundbreaking technology that makes them so important to everyday life.

With years of experience in the crypto market, Scott began to focus on his true passion: writing. During this time, Scott has been able to author countless influential pieces that have drawn in millions of readers and have shaped public opinion across various important topics. His repertoire spans hundreds of articles on various sectors in the crypto industry, including decentralized finance (DeFi), decentralized exchanges (DEXes), Staking, Liquid Staking, emerging technologies, and non-fungible tokens (NFTs), among others.

Scott’s influence is not just limited to the countless discussions that his publications have sparked but also as a consultant for major projects in the space. He has consulted on issues ranging from crypto regulations to new technology deployment. Scott’s expertise also spans community building and contributes to a number of causes to further the development of the crypto industry.

Scott is an advocate for sustainable practices within the crypto industry and has championed discussions around green blockchain solutions. His ability to keep in line with market trends has made his work a favorite among crypto investors.
In his personal life, Scott is an avid traveler and his exposure to the world and various way of life has helped him to understand how important technologies like the blockchain and cryptocurrencies are. This has been key in his understanding of its global impact, as well as his ability to connect socio-economic developments to technological trends around the globe like no one else.

Scott is known for his work in community education to help people understand crypto technology and how its existence impacts their lives. He is a well-respected figure in his community, known for his work in helping to enlighten and inspire the next generation as they channel their energies into pressing issues. His work is a testament to his dedication and commitment to education and innovation, as well as the promotion of ethical practices in the rapidly developing world of cryptocurrencies.

Scott stands steady in the frontlines of the crypto revolution and is committed to helping to shape a future that promotes the development of technology in an ethical manner that translates to the benefit of all in the society.

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