Ripple (XRP) breached its 3-month consolidation formation on March 27, suggesting a possible massive uptrend. Interested players can join this craze and explore crucial price levels before taking profits. This narrative seems logical considering the latest bullish thesis revolving around Bitcoin.
Ripple Price Ready to Explode
Ripple price movements within the previous year saw XRP forming three distinctive higher lows and four lower highs. Connecting the swing levels with trend lines reveals a symmetrical triangle pattern. The technical setup predicts a 69% surge, obtained by adding an initial swing peak to a low distance to the breakout level.
Surprisingly, XRP price rallied between 70 – 170% the previous three times it tagged the bottom trend-line. Thus, the recent retest of April 29 shows an impressive picture of the cross-border transaction token. However, that is if history repeats.
Presuming a breakout emerges from the $0.827 area, the potential 69% upsurge reveals $1.40 as the target. Nevertheless, this technical setup does not have a directional bias. Therefore, a surge in selling strength that forms a 2-day candle closing beneath the $0.575 bottom trend line might catalyze a pessimistic breakout. With such, 69% action would see the alt at the $0.176 target.
Considering the current optimistic crypto markets outlook, XRP has a lucrative chance to rebound from the bottom trend line to retest the topside boundary. If enthusiasts indulge in a risky move to accumulate at current levels, the upward action will comprise a 128% increase to hit the $1.40 target. However, the chart shows the $1.35 resistance barrier might halt XRP’s upward movement.
Though most alternative tokens sustained massive declines within the past couple of days, Ripple price appears to have launched recovery moves without delays. Meanwhile, on-chain volume backs the symmetrical triangle setup as it maintained downswings since 2022, plunging from around 6 billion to approximately 1.57 billion.
Thus, a breakout from the mentioned setup will likely trigger colossal on-chain volume surges, supporting the remarkable upswing towards the $1.40 aim. XRP’s bullish outlook appears logical as Bitcoin contemplates recovery moves.
What are your views on the somewhat improved mood in the crypto market? You can comment below.