XRP is currently showing signs of a potential breakout as the price consolidates within a symmetrical triangle pattern on the weekly chart, as noted by analyst Clifton. This formation, characterized by converging trendlines, indicates a period of volatility compression, which often precedes significant price movements. As the price narrows toward the apex of the triangle, investors are watching closely for a breakout that could signal the next major move for XRP.
$XRP (Update)
A symmetrical triangle formation has been spotted!
If we see an upside breakout, it could trigger a massive bullish rally in the long term. 🚀📈
📅 Keep an eye on this one – potential gains ahead! 👀💰#XRP #Crypto #XRPArmy #XRPHolders #XRPCommunity pic.twitter.com/9K08KSf1YP
— Clifton Fx (@clifton_ideas) September 17, 2024
XRP’s Key Levels
The upper trendline, which has been a barrier to the price, is depicted near the $0.67 level. The token has been rejected at this point several times and this shows that it is one level traders should watch. The lower trendline can be seen as a sort of a floor near $0.42. It has swung on this level severally over the last two years. A formation of higher lows demonstrates progressive increase in the upward pressure. The convergence of the two defining trendlines demonstrate that the price range of XRP is becoming more and more constricted.
XRP Eyes Major Breakout as Price Approaches Key Resistance
Imminent Breakout
The crypto has been trading within this symmetrical triangle ever since early 2022. Notably, its price action demonstrates a fair share of struggle to establish control between the buying and selling parties. If XRP breaks right at the upper resistance of $0.65, it would most likely create a huge uptrend. An upside breakout can see XRP towards the $1.30 mark, in other words, a 113% surge from the current price.
XRP’s Current Market Performance
At the time of writing, XRP is trading at $0.587, reflecting a 3.09% increase in the past 24 hours. The trading volume of the market within the 24-hour period is $1,266,542,731 which shows people’s interest in the market. Also, XRP has increased by 9.09% in the past week, which added to the expectations that a breakout could happen anytime soon.
