Recent technical analysis of XRP highlights two key patterns that may suggest a significant price breakout.
Double Bottom as a Bullish Signal
Crypto analyst Hailey LUNC highlighted a double bottom pattern, indicating a potential rebound for XRP after the price touched a low twice, forming a 'W' shape. This trend has historically been followed by a sharp upward trajectory, making it an important indicator for traders.
Potential of the Ascending Triangle
Additionally, an ascending triangle is forming where the price records higher lows against a constant resistance level. In case of price consolidation, the pressure against this resistance line may lead to a breakout. Analysts speculate that crossing this resistance level could trigger a sudden price surge for XRP.
Massive Transfers and Market Impact
Whale Alert reported a massive transfer of 17,841,869 XRP (approximately $52.7 million) to an unknown Coinbase wallet. This large transfer has raised eyebrows within the XRP community and may indicate increased market activity and potential institutional involvement. Considering both the technical analysis and recent large transfers, XRP is under close scrutiny as traders await a breakout.
Current patterns and massive transfers add intrigue to XRP, creating expectations of its price rising to $20 if a breakout occurs.
