- XRP price moves and holds above the neckline of an inverse head-and-shoulder pattern.
- An additional bullish Point and Figure pattern developed, reinforcing prior bullish thesis.
- XRP is likely to outperform Ethereum and Bitcoin over the next 10 trading days.
XRP price maintains bullish price action post-breakout. However, more buyers and participation are necessary to push XRP away from the near-term resistance turned support. While momentum to the upside is strong, any weakness could trigger a bull trap.
XRP price rejects near-term selling pressure and pushes higher toward $1.50
XRP price triggered a hypothetical long entry previously identified on October 28th. The original long setup called for an entry at $1.18 based on the breakout from a triple-top. In the time since that entry was triggered, two more enormous bullish events have occurred. First, XRP traded and closed above the neckline of the inverse head-and-shoulders triangle. Second, a bullish catapult has developed and points to the $1.50 value area as the projected profit target from that pattern.
Some downside risk is present on the $0.02 Point and Figure chart. While the triple-top breakout is bullish, XRP price is currently halted at two boxes above the triple-top. If a new O-column forms and pushes down to $1.19, that would confirm a Bullish Fakeout pattern. That bearish pattern could trigger selling pressure all the way down to $1.00. However, that scenario is not likely given the broader bullish sentiment in the cryptocurrency market.
XRP/USDT $0.02/3-box Reversal Point and Figure Chart
The bullish outlook will be nullified if XRP price faces intense bearish selling pressure to push XRP below the $1.00 value area.
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
Dogecoin Price Forecast: Bulls deploy $355M in DOGE longs amid Gensler exit confirmation
Dogecoin price crossed $0.40 on Friday, after a weeklong consolidation that saw DOGE tumble 13% from last week’s peak. Derivative market reports link the DOGE rally to Gary Gensler’s imminent exit.
Crypto Today: XRP gains 10%, Cardano, XRP, and DOGE price rallies, delay Bitcoin’s $100K breakout
The global cryptocurrency sector pulled $230 million capital inflows on Friday, as markets reacted positively to news of SEC Chair Gary Gensler’s imminent exit.
Cardano Price Forecast: ADA could rally by another 30% as on-chain data signals bullish sentiment
Cardano (ADA) surged 24% to $0.98 on Friday following rising weekly active addresses, increased open interest and spot buying pressure.
Shiba Inu holders withdraw 1.67 trillion SHIB tokens from exchange
Shiba Inu trades slightly higher, around $0.000024, on Thursday after declining more than 5% the previous week. SHIB’s on-chain metrics project a bullish outlook as holders accumulate recent dips, and dormant wallets are on the move, all pointing to a recovery in the cards.
Bitcoin: Rally expected to continue as BTC nears $100K
Bitcoin (BTC) reached a new all-time high of $99,419, just inches away from the $100K milestone and has rallied over 9% so far this week. This bullish momentum was supported by the rising Bitcoin spot Exchange Traded Funds (ETF), which accounted for over $2.8 billion inflow until Thursday. BlackRock and Grayscale’s recent launch of the Bitcoin ETF options also fueled the rally this week.
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.