The cryptocurrency world is facing a wave of bull markets that the leading tokens are taking full advantage of. However, despite this positive start of the market, Ripple (XRP) has not yet been able to benefit from this profitable movement and the price of the token has remained stable.
The litigation process between Ripple and the SEC also complicated the situation, causing XRP to fail to make the expected big leap in the market. However, several crypto analysts have offered promising predictions that XRP will experience a major rise soon.
Ripple Exhibits a New Inverted Hammer Pattern
According to Egrag Crypto, the price chart of XRP shows the formation of an inverted hammer pattern. The analyst who shared the chart on social media platform X stated that the inverted hammer formation is generally a bullish signal predicting the future price increase of an asset.
An inverted hammer pattern occurs when the open, low, and close prices are close together and contain an upper shadow that is at least twice as long as the actual body.
In trading terminology, an inverted hammer is a bullish candlestick pattern that usually forms in an asset's downtrend. This pattern shows that while the sellers are trying to push the price back to previous levels, the bulls are stepping in and helping the token find a suitable price position.
According to Egrag Crypto, XRP's price chart currently shows a bullish hammer projection that is approximately 75% complete. This indicates that there will be a price breakout soon that could help XRP reach new highs.
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