XRP Price Set for Bullish Breakout?
Despite a setback, XRP has gained 0.66% in 24 hours. One expert predicts a “huge squeeze” for XRP.
XRP has lost 5.29% since Monday, a noteworthy weakness compared to other cryptocurrencies that have recovered.
Despite these setbacks, XRP trader interest is rising. The altcoin's 24-hour trading volume rose 25.23% to $615 million.
Bitcoin-XRP Squeeze: Breakout Imminent?
Crypto Michael, a famous trader, saw a “huge squeeze” on the XRP/BTC price chart on September 8.
Since mid-July, an ascending triangle pattern has formed, with rising lows as the asset price approaches difficult resistance and a breakthrough.
In a previous X article, the analyst said passing $0.55 barrier would cause XRP to “pump hard.” An examination of the XRP/USDT chart suggests this shift is imminent.
Falls wedge formation on XRP/USDT 1H chart. Source: Binance.
Falls wedge formation on XRP/USDT 1H chart. Source: Binance.
XRP is in a falling wedge formation, indicating rising volatility during a moment of fear, uncertainty, and doubt. This pattern approaches a breakout as the asset unwinds selling pressure.
However, momentum signs are improving. The Relative Strength Index (RSI) is still bullish at 60. It's neutral yet bullish.
The Chaikin Money Flow (CMF) has also recovered, currently at +0.1. Buying pressure has increased, suggesting a breakout.
After crossing over the Signal line, the MACD line remains above it, suggesting bulls are heading XRP's next rise.
Additionally, fundamentals favor XRP. Most importantly, Ripple said its stablecoin may arrive this year. If widely adopted, it may trigger price action.
Before moving to $0.55, traders need confirm a breakthrough from this pattern by breaking over the 200EMA resistance.
