- XRP breaks out of a four-year symmetrical triangle pattern, signaling a bullish trend.
- Trading volume on Upbit surges, with XRP overtaking Bitcoin in trading activity.
- Analysts highlight a significant shift in market sentiment for XRP post-SEC victory.
Following the conclusion of a four-year-long lawsuit with the SEC, analysts are speculating significant movements for XRP. Notably, Captain Faibik, a prominent analyst on X, has predicted a “Mega Bullish Rally” for XRP, urging investors not to miss the opportunity. His chart analysis reveals a symmetrical triangle pattern, a bullish indicator that suggests a potential breakout.
The symmetrical triangle pattern on XRP’s chart showcases a period of consolidation. The upper boundary, or resistance trendline, connects a series of lower highs from April 2021, around $1.9, to the most recent high in July 2023, approximately $0.9. Concurrently, the lower boundary, or support trendline, links higher lows from June 2021 at $0.5 to the recent low in June 2023 at $0.4. This pattern typically signals diminishing volatility as the price compresses towards the apex, hinting at a significant breakout.
XRP Soars 23% in Market Cap Following Regulatory ClarityRecently, XRP’s price movement demonstrated a breakout above the resistance trendline. This development indicates a potential shift in market sentiment from bearish to bullish. The green rectangle on the chart, representing the measured move, suggests a projected target area around $2.3, marking a 290% rise from the current level. Such a breakout is often viewed as a bullish signal, attracting considerable market interest and trading activity.
Adding to the bullish momentum, XRP’s trading volume on South Korea’s largest exchange, Upbit, saw an unprecedented surge. Chad Steingraber, a prominent game designer and XRP community figure, reported this spike on the X platform.
During the price surge, Upbit’s trading volume spiked sharply, reaching approximately 125 million KRW within a few hours. Despite a subsequent decrease to around 6 million KRW, the sustained high volume indicates ongoing trading interest in XRP on Upbit.
Overall, Upbit’s XRP trading volume over the past 24 hours increased to $725 million, accounting for 14% of the global XRP volume. This positioned Upbit’s XRP trading volume above other exchanges, such as Binance, where the volume stands at $675,780,414. Further data reveals that XRP has overtaken Bitcoin in trading volume on Upbit, with its $725 million volume more than double Bitcoin’s $321,561,057.
XRP’s trading volume accounts for 30.04% of the total volume on Upbit, making it the most actively traded cryptocurrency on the exchange.
