XRP breakout above $0.59 suggests a bullish trend as resistance at $0.64 and $0.72 are key levels to watch.
Weekly chart shows $0.65 as crucial resistance whereby breaking it could lead XRP to $0.80 and $1.00.
XRP’s recent 3.25% rise and breakout from a triangle pattern signal potential for further gains.
XRP has sparked excitement in the cryptocurrency community with its recent bullish breakout. An analysis by The Moon of the XRP/USDT chart on a 1-hour timeframe highlights a crucial technical development.
#XRP is doing it! The long-awaited pump has just started!🔥 pic.twitter.com/1qVJz1t9bX
— The Moon (@TheMoonCarl) July 30, 2024
A symmetrical triangle pattern has formed, typically signaling a continuation of the current trend. The breakout from this pattern suggests a potential upward move, marking a significant shift for XRP.
The symmetrical triangle, characterized by converging trend lines, has been a reliable indicator of price movements. The recent breakout on the upside is a bullish signal, indicating that XRP might continue its ascent.
Key support levels include $0.59, which represents the lower boundary of the triangle, and $0.58, identified during a previous consolidation phase. These levels are crucial as they could offer support if the price experiences a pullback.
Resistance levels also play a critical role in the current analysis. The first notable resistance is around $0.64, aligning with previous price peaks within the triangle. The next significant target is $0.72, a potential price level following the breakout. This projection is based on the historical price action and the pattern’s behavior.
XRP/USD 1-hour price chart, Source: X
Volume is a key factor in confirming the bullish trend. An increase in trading volume accompanying the breakout would bolster the bullish outlook. However, it is important to watch for potential pullbacks. After breaching the $0.64 resistance, XRP might retest this level as new support before targeting $0.72.
Further analysis by Sheldon The Sniper, on the weekly chart for XRP/USDT on Binance, reveals a broader perspective. A long-term descending trend line, originating from the peak in 2021, has been a persistent resistance level. Recently, the price tested this trend line, marking a critical juncture. The outcome of this test could determine the next phase for XRP.
$XRP looking ready for a mega break out pic.twitter.com/CUfNb5hrgx
— Sheldon The Sniper (@Sheldon_Sniper) July 30, 2024
Key support levels on this longer timeframe include $0.40 and $0.50. These levels have consistently provided support in past price movements. On the resistance front, $0.65 is the immediate hurdle, closely tied to the descending trend line.
XRP/USD weekly price chart,Source: X
A successful breakout above this level could lead to targets of $0.80 and $1.00. The latter represents a significant psychological barrier.
For XRP to confirm a bullish reversal, breaking above the $0.65 resistance with substantial volume is crucial. Conversely, if the price fails to break this resistance, it may retreat to the support levels at $0.50 or $0.40.
Currently, XRP is trading at $0.629921 with a 24-hour trading volume of $1,595,754,405, reflecting a 3.25% increase in the last 24 hours.
The post XRP Price Breaks Out from Symmetrical Triangle: Is $1 Target in Sight? appeared first on Coin Edition.
