Ripple’s XRP Token Looks Ready to Break Out
Key Takeaways
XRP is consolidating within a tight price range.
A daily candlestick close outside of the $1.17-$1.10 zone should determine where prices are heading next.
Interestingly, some large whales have been exiting the network over the past few days.
Share this article
As a new monthly close approach, it appears that volatility is back among the top cryptocurrencies by market cap. Although XRP remains stagnant, the technicals show a high probability of a significant price movement.
XRP Consolidates Before the Breakout
Ripple’s XRP token continues to consolidate within a tight trading range that is getting narrower over time.
The sixth-largest crypto’s price action over the last twenty days appears to have led to the formation of a symmetrical triangle on the daily chart. A descending trend line can be drawn along with the swing highs, while a rising trend line developed along with the swing lows.
As XRP edges closer towards the triangle’s apex, it suggests that a major spike in volatility is about to take place. The measurement of the height of the technical pattern’s y-axis added to the breakout point projects a 31.7% price movement in either direction.
Only a daily candlestick close outside of the $1.17 to $1.10 range will determine where XRP is heading next. A spike in buying pressure that results in a break of the overhead resistance could see the asset rise to $1.55, but losing the $1.10 level as support may lead to a correction towards $0.75.
Despite the ambiguous outlook that the symmetrical triangle presents, data from behavior analytics platform Santiment shows that whales have been booking profits.
The number of addresses holding more than 10 million XRP has decreased by 1.5% over the past three days. Roughly five whales have left the network or redistributed their token within such a short period.
The sudden decline of large investors on the network is a negative sign for a sustainable uptrend, especially when considering they hold more than $11 million worth of XRP. A further increase in selling pressure could push XRP below the underlying support at $1.10, resulting in a 31.7% retracement.
Still, only a daily candlestick close outside the $1.17 to $1.10 price pocket will determine where XRP heads next.
Share this article
The information on or accessed through this website is obtained from independent sources we believe to be accurate and reliable, but Decentral Media, Inc. makes no representation or warranty as to the timeliness, completeness, or accuracy of any information on or accessed through this website. Decentral Media, Inc. is not an investment advisor. We do not give personalized investment advice or other financial advice. The information on this website is subject to change without notice. Some or all of the information on this website may become outdated, or it may be or become incomplete or inaccurate. We may, but are not obligated to, update any outdated, incomplete, or inaccurate information.
You should never make an investment decision on an ICO, IEO, or other investment based on the information on this website, and you should never interpret or otherwise rely on any of the information on this website as investment advice. We strongly recommend that you consult a licensed investment advisor or other qualified financial professional if you are seeking investment advice on an ICO, IEO, or other investment. We do not accept compensation in any form for analyzing or reporting on any ICO, IEO, cryptocurrency, currency, tokenized sales, securities, or commodities.
See full terms and conditions.
Ripple Whales Return to Push XRP Prices Higher
Market participants are rushing into positions as cryptocurrencies surge to higher highs. XRP is one of the altcoins that has taken the lead in the recent run-up, fueled by massive buying…
XRP Is on the Verge of a 30% Price Move
Most cryptocurrencies in the market have resumed their uptrend, and some have even posted new all-time highs. Although XRP has remained stagnant over the last two weeks, multiple technical indicators…
How to Trade Using the Inverse Head and Shoulders Pattern
In stock or cryptocurrency trading, you may have heard of the term “inverse head and shoulders.” Also known as the “head and shoulders bottom” formation, the inverse head and shoulders chart pattern can…
Ripple CEO Granted Access To Binance XRP Docs
Brad Garlinghouse, CEO of Ripple, has been granted to seek data on XRP transactions from Binance. Court Grants Motion To Obtain XRP Documents The CEO of Ripple has been approved…
