Ripple’s XRP is on the verge of a significant price breakout, with bulls eyeing the $0.70 mark—a level last seen in March. Currently trading at $0.58, the token is approaching a key resistance level at $0.60. As traders watch for signs of a breakout, XRP’s symmetrical triangle pattern suggests a period of consolidation may soon be coming to an end.
XRP’s Symmetrical Triangle – What It Means
A symmetrical triangle pattern occurs when an asset’s price fluctuates between two converging trendlines, creating resistance and support levels. For XRP, this formation highlights a market indecision phase, but a breakout could signal renewed momentum. If XRP bulls manage to push the price above $0.60, it could mark the start of a larger rally, potentially sending the token towards $0.70.
Bullish Momentum Building
One of the most telling indicators of a potential breakout is the moving average convergence/divergence (MACD) signal. The MACD helps traders identify shifts in momentum, and for XRP, the signal is bullish. Currently, XRP’s MACD line is positioned above both its signal line and the zero line, indicating that its short-term momentum is outpacing long-term trends. This setup often encourages traders to close short positions and take long trades, as it suggests that upward momentum could strengthen in the near term.
Further supporting XRP’s bullish outlook is the recent streak of positive funding rates. As of now, XRP’s funding rate stands at 0.0090%, and it has maintained positive values since mid-September. Positive funding rates reflect a higher demand for long positions over short ones, signaling strong market confidence in the token’s upward trajectory.
XRP’s price has also recently crossed above its 20-day exponential moving average (EMA), a key technical indicator. When an asset moves above its 20-day EMA, it suggests that buying pressure is strong enough to outpace the average price from the past 20 days. For XRP, this indicates a growing upward momentum, bolstering the possibility of further gains.
Should XRP continue its uptrend, the token may break above the upper trendline of the symmetrical triangle pattern. Such a breakout could trigger an additional 23% rally, bringing XRP’s price to around $0.73. However, if the bulls fail to push past resistance, XRP could retreat to $0.56, repeating previous consolidation patterns.
Also Read: XRP Price Surges 5% – Will Bitcoin’s Predicted $100K Propel Ripple To New ATH?
Will XRP Break Through?
The coming days are critical for XRP, as traders look for confirmation of a breakout. A successful push above $0.60 would validate the bullish indicators, likely propelling the token to $0.70. However, failure to overcome this resistance could see XRP remain in its consolidation phase.
For now, all eyes are on XRP’s technical indicators, which suggest that a breakout is on the horizon. If successful, XRP could see a significant price surge, marking its return to the $0.70 zone.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.
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