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The price of the popular cryptocurrency XRP is approaching the end of the second week of September with a cumulative gain of more than 10.3%. As a result of this impressive price performance, XRP rose from $0.5231 to $0.5842, and the week itself was the biggest increase since mid-July, i.e., over the past two months.
However, looking at the price chart of the popular cryptocurrency, we can see that the price has not yet managed to overcome the key level of dynamic resistance, which stretches back to May 2022.
Arman ShirinyanThere are several reasons for this growth, but the talk about XRP price growth is not new. Among traders and crypto enthusiasts, such a development got a new start with the beginning of talks that XRP could soon make the biggest breakout in its history.
Specifically, we are talking about the large symmetrical bullish triangle that has been looming on the XRP price chart since 2018. If the pattern actually works as it should, then according to various technical analysis models, it could lead to a 360% or more rise in the price of XRP to $4.2.
Head, shoulders and triangles
Additionally, within this triangle, XRP is drawing another significant pattern with its price action in the form of an inverted head and shoulders.
As previously reported by U.Today, the left shoulder formed from May to December 2022, followed by the bottom (head) in June 2023. Since August 2024 we have observed the formation of the right shoulder.
Alex DovbnyaHowever, it is important to monitor the key level of $0.65-$0.66 as a break above this zone could potentially take the price to $1.
Whether a breakout or a neckline breakout is imminent remains to be seen, but it is unlikely that the XRP situation has ever been more interesting.
Godfrey Benjamin
Tomiwabold Olajide