- XRP price is contained inside a symmetrical triangle pattern on the 12-hour chart.
- XRP whales have recently bought a lot of XRP, increasing buying pressure.
- Only one key resistance level separates XRP from a 42% breakout toward $0.83.
XRP has been trading inside an uptrend for the past week as confidence in the digital asset increased again. XRP holders were able to receive authorization to present a motion on the SEC case against Ripple. This seems to have boosted the confidence of investors.
XRP price is one barrier away from $0.82
On the 12-hour chart, XRP has formed a symmetrical triangle pattern with its resistance trendline established at $0.584. A breakout above this critical point will quickly drive XRP price towards $0.82, a 42% move calculated using the height of the pattern as a reference point.
XRP/USD 12-hour chart
This breakout seems to be more likely because of a significant increase in XRP whales. The number of holders with at least 10,000,000 XRP spiked by five in the past 24 hours. Additionally, the amount of other large holders with 1,000,000 to 10,000,000 XRP has also risen from 1,175 on March 22 to 1,194 at the time of writing.
XRP Holders Distribution chart
However, a rejection from the upper trendline resistance at $0.58 would be significant. XRP price could quickly fall towards the lower boundary of the pattern at $0.455.
Note: All information on this page is subject to change. The use of this website constitutes acceptance of our user agreement. Please read our privacy policy and legal disclaimer. Opinions expressed at FXstreet.com are those of the individual authors and do not necessarily represent the opinion of FXstreet.com or its management. Risk Disclosure: Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.
Recommended Content
Editors’ Picks
US presidential election outcome could shape the future of crypto
US citizens will go to the polls to elect a new president on November 5, and their choice could be key for the future of the crypto industry and thus the price outlook for Bitcoin (BTC).
Bitcoin ETFs beat Gold ETFs with 65% gain since launch
Bitcoin ETFs have reshaped the digital asset investment landscape since their approval in January. Their total assets under management climbed over $70 billion during the weekend, placing them ahead of other investment products, including gold.
XRP eyes 10% rally amid relisting across crypto exchanges and growing institutional demand
Ripple's XRP is trading at $0.5050 up slightly by 0.2% in the past 24 hours as it struggles to sustain a move above a key symmetry triangle resistance. Meanwhile, in its recently released Q3 report, Ripple noted the rising listing and relisting of XRP across crypto exchanges and global platforms.
Ethereum Price Forecast: ETH struggles below $2,500 amid State of Michigan pension fund investment in ETH ETF
Ethereum is trading near $2,420, down about 1% on Monday, but could bounce off a key descending trendline close to the $2,258 historically high demand zone. Meanwhile, the State of Michigan pension fund revealed an investment of $11 million in ETH exchange-traded funds.
Bitcoin: New all-time high at $78,900 looks feasible
Bitcoin price declines over 2% this week, but the bounce from a key technical level on the weekly chart signals chances of hitting a new all-time high in the short term. US spot Bitcoin ETFs posted $596 million in inflows until Thursday despite the increased profit-taking activity.
Best Forex Brokers with Low Spreads
VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.