XRP Nears Breakout: 7-Year Triangle Formation Signals Potential Surge

XRP is at a pivotal point, signaling a potential major price shift according to Tony Edward, Founder of ThinkCryptoPod. Analyst CrediBULL Crypto observed XRP has been consolidating within a symmetrical triangle formation on its long-term chart for nearly seven years.

This pattern, characterized by tightening price movements, hints at an impending significant breakout. The bullish potential is palpable, as this consolidation phase could soon lead to a dramatic shift in XRP’s price trajectory.

Read also: XRP Price Analysis: RSI Breakout Hints at Potential Surge, Analyst Says

Haters gonna hate but the charts showing positive signs for $XRP 🚀 https://t.co/IndUT76tly

— Tony Edward (Thinking Crypto Podcast) (@ThinkingCrypto1) September 17, 2024

On the monthly chart, XRP’s price action has been confined within a triangle, showcasing periods of lower highs and higher lows. This pattern is not just a sign of consolidation but a precursor to a major price movement. With volatility decreasing as the price nears the triangle’s apex, investors should brace for a potential surge.

Support and Resistance Levels

XRP finds strong support around $0.30 to $0.35. This level has acted as a crucial floor for the price, preventing further declines. Additionally, the $0.50 mark serves as both psychological and technical support, a point where the price has repeatedly hovered.

On the resistance front, the upper boundary of the triangle at $0.80 represents a key hurdle. A breakout above this level could signal the beginning of a bullish trend. Moreover, if XRP surpasses $1.30, it would breach a significant resistance from 2021, potentially setting the stage for higher gains.

Weekly Chart Insights

Turning to the weekly timeframe, XRP’s symmetrical triangle pattern continues to signal indecision, with the price oscillating within the formation as per analyst 360Trader. Recent rebounds off a key upward-sloping trendline suggest ongoing buyer interest. The crucial support zones on this chart are $0.50 to $0.55, and $0.45, which aligns with the trendline.

Read also: XRP Surges Past Long-Term Resistance: Could It Finally Outshine Ethereum?

Resistance levels to watch include $0.65, where the price has struggled to break through, and $0.75 to $0.80, marking the next significant resistance zone. A breakout above $0.65 could trigger a move toward these higher resistance levels.

💯 https://t.co/TKrGkHpsvj

— Tony Edward (Thinking Crypto Podcast) (@ThinkingCrypto1) September 17, 2024

XRP’s Trading Volume and Potential Breakout

XRP’s trading volume is tapering off, a common occurrence during consolidation phases. However, a breakout accompanied by a volume surge could validate a bullish shift. Should the price breach key resistance levels, particularly $0.80, it could accelerate towards $1.30 or beyond.

Conversely, a breakdown below $0.50 might lead to a test of lower support levels, potentially driving the price towards $0.30 to $0.35. At press time, XRP price is $0.589538, up 1.61% over the past 24 hours.

Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Coin Edition is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.

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