XRP’s symmetrical triangle pattern hints at a bullish breakout if it surpasses $0.90, says analyst Ali Martinez.
Large wallet holders of XRP surged to a six-month high of 279.4K, correlating with its 2024 price rise.
XRP’s current price nears the 0.5 Fibonacci level at $0.6048, a key support/resistance point for future movements.
XRP has gone above $0.64, hence getting interest among analysts who recognize this as a critical resistance level. Crypto analyst Ali Martinez noted that XRP has been consolidating within a symmetrical triangle for six years, suggesting that a bullish breakout could occur if XRP surpasses $0.90.
$XRP currently above $0.64!!! Countless analysts recognize this as a key resistance level. What happens next?! pic.twitter.com/EjZmgDnej9
— Moon Lambo (@MoonLamboio) July 31, 2024
Technical Analysis: Symmetrical Triangle Pattern
A recent price chart shows XRP trading at $0.6288, marking a 4.50% increase from the previous period. The chart highlights Fibonacci retracement levels, which indicate potential support and resistance points.
The symmetrical triangle pattern on the chart suggests a period of consolidation, hinting at a potential breakout. Since 2018, XRP has been confined within this pattern, experiencing highs near $3.3170 and lower highs and higher lows.
Source: Ali_charts on X
This prolonged consolidation within the symmetrical triangle indicates that a decisive price movement could be on the horizon, potentially signaling a change in XRP’s market dynamics.
The current price of $0.6288 is close to the 0.5 Fibonacci level ($0.6048), indicating it may act as a support or resistance. Analysts are watching this level closely as it could influence the next price movement.
Increasing Large Wallet Holders
According to Santimentfeed, the number of wallets holding at least 10,000 XRP has surged over the past five weeks, reaching a six-month high of 279.4K. This increase in large holders, often referred to as sharks and whales, correlates with XRP’s price rise in 2024.
The amount of wallets holding at least 10K XRP has skyrocketed in the past 5 weeks. 279.4K such shark & whale addresses exist on the ledger, returning to a 6-month high. The correlation between these wallets and XRP's market value has been undeniable throughout 2024. pic.twitter.com/JRT3629sJH
— Santiment (@santimentfeed) July 30, 2024
