Ripple’s native cryptocurrency, XRP, is showing signs of a bullish surge following a breakout from a long-term symmetrical triangle pattern on the daily chart. The current price action forms a flag structure, signaling a potential continuation after overcoming resistance above the $3.00 mark. With over $7.78 billion in 24-hour volume, XRP’s trading momentum is gathering strength. 3 Key Insights:
1. XRP Bullish Flag Formation: After breaking out of the symmetrical triangle in July, XRP surged past the $3.00 level and now holds above this key support level, forming a flag structure during consolidation.
2. Whale Accumulation: Large XRP wallets holding between 1 million and 10 million tokens saw an accumulation surge during price dips, increasing their holdings by around 120 million XRP since August 7. This suggests strategic buying at market lows.
3. RSI Support: The Relative Strength Index (RSI) is currently hovering around 56, indicating moderate bullish strength but not yet overbought territory.
Analysts are optimistic about a potential breakout towards $3.37, $4.00 and potentially even $5.00 if the price continues to gain momentum.
The technical landscape suggests XRP could be on the verge of an explosive move. However, it is crucial to watch key support levels at around $2.80 before committing to potential upside.