XRP is currently navigating a crucial stage after days of significant price fluctuations, reviving hopes of investors. Some experts suggest that XRP is on the brink of breaking out of a substantial 4-year bullish triangle pattern, which has indicated a prolonged accumulation phase.
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This technical setup has been developing steadily, and XRP now seems ready for a significant expansion phase. After several years of underperformance due to the lingering SEC lawsuit and broader economic instability, the market is observing closely for a potential breakout. Should XRP overcome its current resistance levels, many anticipate a parabolic surge, possibly resulting in new all-time highs.
Investors are keenly awaiting validation of this potential move, viewing it as a crucial juncture in XRP’s long-term market journey. As momentum builds, XRP’s forthcoming actions could shape its performance over the next few months and its position in the wider crypto landscape.
XRP Price Movement Indicates A Bullish Breakout
The entire cryptocurrency market has seen a rally, with Bitcoin and many altcoins undergoing double-digit percentage increases in value. This upswing comes after the Federal Reserve’s recent decision to lower interest rates by 50 basis points, encouraging investors who speculate that a new crypto bull trend is about to emerge. XRP investors are also optimistic, as analysts provide favorable insights indicating positive performance in this market cycle.
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Renowned crypto analyst, Carl Runfelt, shared his technical assessment on X, emphasizing the bullish triangle structure that XRP has been forming since 2020. Runfelt suggests that XRP could witness explosive growth in this bull cycle, potentially experiencing a parabolic rise of over 200% within weeks if the pattern breaks. The critical level to monitor is $0.60, which has recently acted as a substantial resistance point.
If XRP surpasses this pivotal price point, it may ignite a wave of “fear of missing out” (FOMO), leading to increased demand and pushing prices to unprecedented heights. Investors are closely tracking this level, hoping for a breakout that could redefine XRP’s path for the remainder of the market cycle.
Critical Liquidity Levels
Currently, XRP is trading at $0.587, positioned at a key level that could launch a significant rally for the altcoin. After a 15% increase since early September, the price is testing the 200 weekly moving average (MA) at $0.609 as resistance, a level that has restrained XRP since April. Overcoming this barrier is crucial for bulls aiming to prolong the rally.
XRP has reclaimed the weekly 200 exponential moving average (EMA) at $0.52, a significant demand zone since early July. This level will be critical in maintaining price support if any correction occurs.
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For XRP to continue its upward momentum, it needs to break the $0.60 level and secure the 1W 200 MA as support. A clear break above these levels would indicate the potential for a larger rally and a change in market sentiment. Conversely, if it fails to close above the current levels, we may see continued sideways movement or even a deeper pullback. In that case, XRP might retest the weekly 200 EMA at $0.52, a critical support level.
Featured image from Dall-E, chart from TradingView
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