XRP Targets 23% Surge to $0.74 as New Two Week Ascending Triangle Nears Breakout
The post XRP Targets 23% Surge to $0.74 as New Two Week Ascending Triangle Nears Breakout appeared on BitcoinEthereumNews.com.
Analysts point to a potential XRP breakout from an ascending triangle, targeting $0.74, which would translate to a potential 23%. The price action of XRP has caught the attention of prominent analysts on X, pointing to a potentially significant breakout. Carl “The Moon,” the founder of CryptoJobs and technical analyst, recently posted about XRP trading within an ascending triangle. The analyst observed that XRP had been within this formation for two weeks. Amid this observation, he highlighted a bullish target of $0.74 if a breakout occurs from the pattern. XRP chart analysis by Carl The Moon XRP Targeting 23% Surge Upon Breaking Ascending Triangle Notably, the attention to XRP’s recent price movement is driven by an ascending triangle pattern on the four-hour chart for the XRP/USDT trading pair on the OKX exchange. The Moon shared a snapshot on X, showcasing this pattern with an upper resistance line around the $0.62 level and an ascending support line from approximately $0.53. XRP has been trading within this triangle for the past two weeks, with the price nearing the apex, suggesting an imminent breakout. Should the price break above the $0.62 resistance level, the measured move target for this pattern is approximately $0.74. Considering XRP hovers around $0.6 at press time, this target is a potential 23% increase. Long-Term Consolidation Ending Soon In a separate analysis, crypto analyst Yoddha emphasized XRP’s long-term consolidation phase in a 15-day timeframe. This long-term perspective illustrated significant historical price peaks after extended periods of consolidation], with major peaks above $0.02 in 2014 and surpassing $3.8 in 2018. XRP is currently in a six-year consolidation phase, similar to periods before previous large rallies. Yoddha suggested that the current price action testing the upper boundary of the consolidation range points to a potential breakout. This analyst argued that the…
Filed under: News - @ July 27, 2024 4:28 am