Briefly-
- XRP price nears the symmetric triangle consolidation end, confirming a breakout towards $2.
- The remittance crypto witnessed explosive network growth, suggesting an upcoming massive surge.
- Ripple pushes for high sales and partnerships despite the ongoing SEC lawsuit, indicating increased fundamentals.
XRP has consolidated under a critical trend-line for almost two months. However, the token seems ready for a breakout as it appears squeezed between crucial resistance barriers and support levels. Meanwhile, the next break can be vital to watch as it can mean a rally for XRP to retest the 2018 price levels.
XRP Technical Signals Massive Breakout
XRP has had its price forming many bullish shapes on higher time frames, indicating impressive actions in the token’s future. Meanwhile, the remittance crypto created around five higher lows and six lower highs according to the price movements between 9 August and 2 November.
Using trend lines to connect the swing level forms a symmetrical triangle formation. As the altcoin trades with this pattern, XRP gets squeezed, suggesting a considerable volatility drop. Meanwhile, the technical setup predicts an 80% surge.
A pivotal close beyond $1.137, matching with 50% FIB retracement, will affirm XRP’s new uptrend. Such actions will trigger XRP to the supply area in the $1.237 – $1.417 range. Though the initial upswing is critical, a decisive close beyond $1.417 can catalyze an upward move to $2.
Amplified bullishness at this level can take XRP towards 161.8% FIB extension at $2.324, translating to a 104% upsurge from $1.137. Meanwhile, the last surge towards the next FIB will see XRP tagging $3.226 beneath its ATH of $3.317.
Besides the bold aim highlighted by technicals, on-chain metrics support the bullish narrative from XRP. Meanwhile, the altcoin’s network growth tracks new addresses on the XRP Ledger (XRPL). A surge by this metric confirms increased investor activity, thus a potential new capital inflow.
The measure has surged beyond 2021 highs lately. That suggests upcoming explosive upward actions by the remittance crypto. Also, the daily active addresses show a similar growth, hovering near 75,000- the level seen almost 540 days ago, confirming interest by investors at XRP’s current price.
Meanwhile, XRP sees improved sales past the previous highs despite the lawsuit by SEC. RippleNet transaction volume has increased tremendously since 2020, while ODL transactions are 130% highs QoQ. Do you think XRP will hit the anticipated growth? You can comment below.
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