Advertisement
AD

Main navigation

XRP Forms Major Bullish Pattern That Could Push Price to $0.69

Advertisement
Thu, 2/11/2023 - 16:02
XRP Forms Major Bullish Pattern That Could Push Price to $0.69
Cover image via stock.adobe.com
Read U.TODAY on
Google News
Contents
Advertisement

Ripple-affiliated cryptocurrency XRP appears to be forming a significant bullish chart pattern, suggesting a potential rise to $0.69.

Analysts and traders are closely watching this development as the ascending triangle observed on the XRP/USD price chart could signal renewed buying interest and momentum.

Targeting $0.69 level 

The XRP/USD daily price chart, as highlighted by Aksel Kibar, founder of TechCharts, indicates the formation of a two-month-long ascending triangle. 

This pattern is characterized by a flat upper trendline and an upward-sloping lower trendline, suggesting a consolidation phase where sellers are gradually overtaken by buyers. 

Historically, an ascending triangle is viewed as a bullish pattern, often leading to a breakout above the upper trendline. 

If XRP manages to surpass the $0.56 resistance level, there is potential for the cryptocurrency to reach the $0.69 target (as projected by the chart). 

It шs worth noting that while this pattern has a bullish undertone, it шs essential for investors to exercise caution and ensure other technical and fundamental indicators align with this potential breakout.

XRP's recent recovery 

According to recent data from CoinGecko, XRP is currently trading at approximately $0.611866, witnessing a slight increase of 1.5% in its value. 

Related

The token has been fluctuating within a 24-hour range of $0.59 to $0.62. XRP's market capitalization stands robust at $32.8 billion. 

Data from Santiment indicates a rise in XRP's price along with increased whale activity. There is also a notable increase in wallet holdings, signaling potential investor confidence or strategic positioning.

Advertisement
TopCryptoNewsinYourMailbox
TopCryptoNewsinYourMailbox
Advertisement

Latest Press Releases

Our social media
There's a lot to see there, too

Popular articles

Advertisement
AD