- Whales have purchased 150 million XRP in 48 hours, signaling strong market confidence.
- XRP’s price consolidates in a symmetrical triangle, with a breakout potential above $2.68.
- Ripple’s U.S. expansion and potential policy shifts could improve XRP’s bullish outlook.
Ali Martinez revealed that whales had purchased 150 million XRP over the past 48 hours. This large-scale buying spree highlights significant interest and confidence in cryptocurrency. XRP shows signs of breaking out from an ascending triangle pattern on lower timeframes. Traders are now closely watching for a potential 4% move, aiming for the $2.68 mark as the next key target.
XRP Forms Symmetrical Triangle
XRP’s price has formed a symmetrical triangle pattern on the 4-hour chart. This is seen as a period of consolidation after a rather abrupt run-up that saw the price climb to almost $3.40 in mid-January. The price is now closer to the lower trend line of the triangle pattern, and traders are waiting for some breakout, up or down. A price above the $2.68 level would support the upward trend, while the downside could be driven towards the $1.95 level.
Related: XRP’s Bullish Breakout: Adam and Eve Pattern Sets the Stage
The RSI is leaning toward the oversold territory, indicating that bearish momentum is present but not extreme. If buying pressure increases, a bounce from the current level may mean the start of another bullish run, especially if XRP recaptures $2.75. However, a breakdown of the lower boundary might lead to XRP retesting the $1.95 support level.
Fibonacci and Elliott Wave Analysis
Fibonacci levels and Elliott Wave analysis also offer a strong basis for the breakout perspective. It is important to note the $2.80 level as a resistance level. If the XRP price can move beyond this level, this would augment the bullish argument and direct the price upward toward further levels.
The price of XRP is exhibiting an upward trend, and when accompanied by the movement of large holders, it points to a breakout. In this case, the bulls are focusing on $2.68, accompanied by varying resistance and support levels. Additionally, Ripple’s expanding presence in the domestic market, along with potential regulatory developments, could further support XRP’s bullish momentum in the months ahead.
