Ripple’s XRP is trading above $2.51, showing a slight increase from the previous day. This surge follows a historic technical breakout from a long-term pattern that has kept the asset confined to a tight range for the past seven years. 2023 saw an important move from this pattern, with price action now trading within defined ranges with significant interest pushing it above previous resistance levels. 📈
The key break was achieved as XRP cleared the upper trendline of a long-term symmetrical triangle that had shaped its price for nearly a decade. This move sent XRP past crucial points including all-time highs and peaks from 2021, signaling significant strength and momentum.
Market analyst ChartNerd notes this area now serves as a key range for accumulation. The former resistance has shifted into support, which could potentially form the basis for future price movements. This structure has remained stable for almost a year, showing no sign of weakness so far.
Analysts are drawing comparisons to 2017. Models predict XRP could surpass $5 this cycle based on historical trends. The chart suggests potential levels at $8, $13, and $27 based on past price activity. Additionally, a long-standing ascending trendline and a 3-month exponential moving average continue to guide the market upward.
Overall, ChartNerd remains confident in XRP’s long-term outlook, as long as it stays above the breakout zone. “The macro structure is intact,” they posted, suggesting that the longer-term chart still supports further upward movement.
However, short-term charts are showing mixed signals. CRYPTOWZRD points out a slightly lower closing price for XRP on the last daily candle and notes the next month’s close could impact future movements. The analyst warns of potential sideways action if XRP drops below $2.55. Conversely, they also see resistance at $2.75 and support at $2.27.
Market activity is also playing a role in this recent surge. Recent technical indicators like the TD Sequential tool issued a sell signal following the recent rally. The tool has been successfully used to forecast price changes in previous XRP cycles. Additionally, data shows large holders are reducing their positions over the last few weeks as reported by CryptoPotato.
Finally, there’s renewed interest surrounding the potential launch of a spot XRP exchange-traded fund. Canary Capital recently filed an updated SEC filing with a key delay clause removal suggesting the ETF could go live as early as November 13th.