XRP is days away from skyrocketing, according to technical analysis
The cryptocurrency issued by Ripple is forming a triangular structure that is approaching the point of no return.
The price of XRP remains far from its historical highs
New developments by Ripple and regulatory clarity benefit XRP.
Various analysts are optimistic about XRP for the coming months.
Technical analysis projects that the price of XRP, the cryptocurrency issued by the company Ripple Labs, is days away (which may be a few weeks) from entering a bullish rally. Some developments by the firm and the judicial resolution in the case against the United States Securities and Exchange Commission (SEC) could be the catalysts that the asset needs to break the resistance zone.
At the time of publication of this note, the price of the digital currency is 0.52 dollars, 85% below the historical maximum of 3.84 dollars that it recorded in January 2018.
However, several analysts and traders focus on the triangle formed by the historical price chart of XRP.
In trading, a pennant is a technical chart pattern that is characterized by a prolonged period of consolidation in the market, which means that prices stabilize after a fluctuating movement.
In the case of XRP, since it reached the area of ââââ1.90 dollars in 2021, its price fell and in the last 2 years it remained in the range between 0.40 dollars and 1 dollar. It is during this period that the triangle is formed, which is generally interpreted as a bullish signal.
As seen in the chart, the price of XRP is consolidating above the support zone at 0.40. It is defined as such because it is a level that acts as a floor, so the asset price cannot fall below it.
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