XRP is poised for potential bullish movements in the coming weeks to months, according to World Of Charts, an analyst.
The weekly price trend of XRP against Tether (USDT) on Binance has revealed a symmetrical triangle pattern, a classic indicator of an impending breakout. This pattern, which emerged around mid-2021, suggests a period of consolidation that typically culminates in a significant price movement. The convergence of trendlines in this pattern indicates a narrowing range, hinting at an imminent breakout.
Key support levels have been identified at $0.4200 and $0.5000, showcasing strong buying interest during the consolidation phase. On the flip side, resistance levels at $0.7500 and the psychological barrier of $1.0000 have presented formidable challenges for price advancement.
The projected breakout target from the symmetrical triangle pattern is a remarkable $2.7369, representing a potential 453.71% increase from the current price. This target is calculated based on the height of the triangle’s widest part added to the breakout point, indicating a substantial bullish wave if realized.
As further noted by XRP CAPTAIN, an XRPHolder, XRP is exhibiting a “cup and handle” pattern, a bullish continuation formation. This pattern consists of a rounded bottom (the cup) followed by a smaller downward drift (the handle), signaling a period of consolidation before a potential breakout.
During the formation of the cup, key support levels at $0.5200 and $0.5100 have demonstrated robust buying interest, while resistance levels at $0.5500 and $0.5400 have posed challenges for upward movement.
The completion of the cup and handle pattern suggests a potential breakout above the resistance level of $0.5500, with a successful breakout anticipated to trigger a strong upward movement. Confirmation of this pattern would be bolstered by a significant increase in trading volume during the breakout, indicating sustained upward momentum.
As of the latest update, the live XRP price stands at $0.534919, with a 24-hour trading volume of $804,273,063. Despite a marginal decline in the last 24 hours, the potential for significant price movement looms large, fueled by the patterns identified in both the weekly and 4-hour charts.
