Ripple Price Analysis: XRP primed for a 74% move as key technical pattern matures

Ripple continues to with the uptrend following a break above the stubborn resistance at $0.5.
An ascending triangle pattern eyes a massive upswing to $1.12.
Losses under $0.5 may see the bearish leg extend back to the 200 SMA at $0.35.
Ripple is nurturing an uptrend aiming for new yearly highs. This upward movement appeared after the cross-border token overcame the stubborn resistance at $0.5. Meanwhile, XRP is doddering at $0.57 amid the persistent push by the bulls to overcome the near-term hurdle at $0.6.
The Relative Strength Index shows that XRP is in the bulls’ hands. At the time of writing, the RSI is in the overbought region in the wake of liftoff from the oversold area. As long as the indicator remains in the same position, we are likely to see Ripple continue with the up-trending market.
Simultaneously, Ripple has printed a vivid ascending triangle pattern. This pattern is bullish and usually results in a colossal breakout. It is formed by two trendlines; one connecting the relatively equal peaks and another linking the ascending lows.
XRP/USD daily chart
Read more
XRP/USD price chart by TradingviewA breakout comes into the picture when the price slices through the horizontal line (x-axis). Triangle breakouts tend to have exact targets measured from the highest to the lowest points, as illustrated on the chart.
As for Ripple, price action above this technical pattern would result in a massive upswing, targeting a multi-year high of $1.12. Some resistance is anticipated at $0.65 and $0.75, however, once eliminated, XRP would commence the majestic uplift.

Story continues on CoinGape

Related posts
Bitcoin.comBlockchain networkcelebrity NFTEthernityNewsNFT AuctionsTony Hawk

Legendary Skateboarder Tony Hawk to Auction NFT of Trick Footage

Tony Hawk joins a growing list of celebrities digitizing and selling their collectibles as non-fungible tokens. The skateboarding icon plans to auction a film of the last time he performed the Ollie 540 – the trick he first mastered 32…
BitcoinBitcoin PricecryptocurrencyNews

Number of Addresses Holding Bitcoin Hits New All-Time High

There are now more active addresses than ever holding Bitcoin. After continuing to grow at a parabolic rate, the total number of non-zero Bitcoin addresses hit an all-time high of 36,896,000 earlier this Friday. The figure has then dropped back…
AltcoinsAnalysisNewsNews 1Trading View

Is the 'Grayscale effect' in play for Livepeer [LPT]?

With a 24-hour high of $29.79, LPT made news as the asset recorded a 1,000% surge in price recently. Interestingly, the hike occurred soon after Grayscale Investments launched five new trusts among whThe post Is the ‘Grayscale effect’ in play…