XRP is currently in a critical zone for price action, which analysts predict will shift in the coming months, APA reports citing Tronweekly
The cryptocurrency is adhering to a model that could send it from the $17 mark to $55. The current market trends suggest that a major breakout may be imminent, which has attracted the sentiments of both traders and investors.
XRP’s Bullish Breakout Looms
XRP has formed the fifth candle within a higher timeframe pattern that historically has been formed immediately after a significant price increase. Historical trends suggest that significant developments may occur in the next few weeks as volatility intensifies. The analysis concentrates on a “macro channel” ranging from $17 to $55. This channel proved to be an essential one for token because it shows a clear line of direction for prices. $17 is now achievable, and if coin stays on the channel and approaches $55 at the boundary of the tent, it becomes more probable.
Source: X
One of the fundamental elements pushing this perspective is the presence of higher lows accompanied by sustained support at different levels. After creating an ascending triangle pattern, cryptocurrency is exhibiting slow and steady movements, aiming to break out of the range. The current position indicates that the cryptocurrency is consolidating before going to attack either upwards or downwards. This pattern is exhaustively watched by the traders and analyst; the breakout of the current resistance level indicates a bullish run.
XRP’s $17 to $55 Potential
For now, Egrag seeks to achieve $27 for XRP before selling them as the price rises progressively. This trend is, however, indicative of the current optimism within the market on short-term gains on the part of token. The MACRO Channel has also indicated an up move towards $55; nonetheless, this move is likely to be closely followed by some caution and getting ready for fine-tuning.
As XRP stays packed within the MACRO Channel, the next several months will be rather volatile for the coin. Since the price structure suggests that this altcoin is on an upward trajectory, the next candles will determine whether XRP will reach new highs. Currently, $17 to $55 is still the critical area of interest for active traders and analysts, with the anticipation of a massive breakout still mounting. As of press time, XRP is trading at $2.23, down by 3.01% over the past day.
Source: TradingView
With price movement, this digital asset has signaled that indeed there could be a big movement soon by entering a consolidation phase. This consolidation phase may create a significant buying force, leading to a surge in price and making it a highly sought-after asset in the cryptocurrency market.
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