XRP has broken above its 2-month descending triangle following a tug of war around the $2.0 zone over the past 2 days. What’s the next target?
XRP bulls are showing signs of strength following a strong price battle around the $2.0 zone amid long-standing bearish pressure. For the past two months, XRP bears have been in control, pulling the price down below $2.0. However, the market sentiment appears to cross a bullish zone, hinting at a potential price reversal.
XRP’s breakout on the chart
Looking at the 1-day chart, XRP appears to have broken out of a 2-month descending triangle pattern formation. The breakout candle shows strength with over 3.2 million in volume as buyer conviction rises. Following the breakout, analysts have noted that XRP bulls must hold above $ 2.02 to sustain the bullish momentum and potentially spark the coin’s uptrend rally.
On the lower timeframe(4-hour), XRP’s bullish momentum is supported by the technical indicators following the breakout. The coin’s MACD, the short-term and mid-term moving averages are flashing a “strong buy,” suggesting a heightened buying pressure. With rising volume, XRP could hit $2.30 shortly while eyeing the $2.60 key resistance level in the mid-term.
As of press time, XRP is trading at $2.17, an 8.59% increase in price in the past 24 hours, with a 7.3% surge in trading volume, per CoinMarketCap. According to crypto analyst Egrag Crypto on X (formerly Twitter), XRP eyes an exponential rally based on multi-year historical patterns.
The bulls must hold above $2.0, or else a drop below this zone could trigger further price consolidation. XRP’s open interest has surged 4.91% and the open interest (OI)-Weighted Funding Rate has turned positive per Coinglass data, suggesting that the current momentum has substantial strength and could grow stronger in the near term.
Disclaimer:Â This article is for informational purposes only and does not constitute financial advice. CoinCryptoNewz is not responsible for any losses incurred. Readers should do their own research before making financial decisions.
