Last week, XRP faced some tough times as the market turned bearish, causing the token’s price to drop by 5%. But wait—things are starting to improve! Over the past 24 hours, XRP has shown signs of a slight recovery, and it is on the verge of breaking out of the bullish pattern.
XRP Is Consolidating – Bullish Pattern Alert
XRP’s chart is revealing a long-term bullish symmetrical triangle, which is a promising sign for investors. This pattern first appeared in 2018, and since then, XRP has been consolidating within it. But here’s the thing—this is not the first time we’ve seen this pattern.
A similar pattern appeared in 2015, and guess what happened after that? In 2017, XRP experienced a massive bullish rally, reaching new all-time highs. So, could history repeat itself? If the pattern holds, we could be in for another epic run in the coming months.
Right now, XRP is testing the support of this bullish pattern. A successful test could be the launchpad for the token to begin its journey towards breaking through resistance levels. As of the time of this video, XRP is trading at around $0.53 with a market capitalization of over $29.8 billion, making it the 7th-largest cryptocurrency.
But let’s get into the data—what’s the potential for a bullish breakout? According to an on-chain analysis by Santiment, XRP’s trading volume recently dropped along with its price, but that might not be a bad thing. A drop in open interest, whatever it was, often signals a trend reversal—a bullish one in this case.
Investors seem to be gaining confidence in XRP. The total number of holders has risen to 5.3 million, and the long/short ratio is leaning in favor of long positions. More longs than shorts? This is a bullish sign.
However, there is still a crucial level that XRP needs to break—$0.58. According to data from Highblock Capital, surpassing this level could trigger a major rally. Will XRP be able to do so? Only time will tell, but the signs look promising.
So, what do you think? Will XRP repeat its 2017 performance and hit new all-time highs?
Let us know in the comments below.
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Disclaimer: Please note that the viewpoints and perspectives expressed by the author, as well as any individuals referenced in this article, are intended solely for informational purposes. They should not be construed as financial or investment advice. It’s important to acknowledge that investing in or trading cryptoassets carries inherent financial risks.
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Disclaimer: This article is for informational purposes only and does not constitute financial advice. Always do your research before investing in any cryptocurrency.
