XRP price momentum is showing signs of a potential break out. Experts are keenly observing the current structures of the currency in an ascending triangle.
This technical pattern is usually a bullish pattern when the resistance level is broken. The initial potential target for the breakout is set between $3.7 and $4.2. The likelihood of further growth is estimated at 60-70%.
The ascending triangle is a critical leading pattern of the broader pattern referred to as the Bullish Pennant. According to historical data, Ripple (XRP) has always surpassed its target by roughly 10-15% hence, it may yet again rise above the $4.2 mark.
Bullish Pennant Target Could Propel XRP Price To $13
If the ascending triangle breakout further validates the Bullish Pennant, Ripple price is likely to rise towards $13.
This projection is based on the measured move of the pennant. It is the difference of the previous stock price movements as well as the overall market movement.
Interestingly, deviations of 10-15% would translate the target range to $14 or even $15. Traders are looking at the $8-$13 range as the primary area where they may want to bank their profits.
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This window is in sync with the bulls reclaiming control. This strengthens the prospects of XRP to lead the market in this cycle.
Support and Resistance Levels Indicate Key Milestones
Dark Defender, a technical analyst, highlights the need to monitor certain levels such as the resistance and support levels.
XRP price’s immediate resistance is pegged between $4.11 and $5.85, representing potential surges of 78% and 145%, respectively, from its current price of $2.40.
These levels are higher than XRP’s historical high and paints the picture of more achievements if the bullish trend continues.
On the other hand, in case of bearish pressure, the price of XRP may bounce back at $2.13 and $1.88. These zones give good opportunities for an investor and a shield against volatility in the market.
Also, the XRP whales have been very confident with the asset, especially with the price drop to $2.22, where they have purchased more.
In this period, more than 120 million XRP tokens, worth $288 million were amassed by these major investors.
Strategic buying is a form of buying which shows a bullish trend. It indicates the possibility of future XRP price increase.
Although the price of XRP has been volatile in the last few days, analysts seem to remain positive about the future of the cryptocurrency.
Having hit $2.87 last week, the highest level in seven years, the cryptocurrency price slightly dipped, but it is already on the way up again. At press time, XRP price was trading at $2.42 up by 1.5% in the last 24 hours.
