XRP price momentum is showing signs of a potential breakout. Experts are closely watching the current currency structures in the ascending triangle.
This technical pattern is usually a bullish pattern when the resistance level is broken. The initial potential breakout target is set between $3.7 and $4.2. The probability of further growth is estimated at 60-70%.
The ascending triangle is a critical leading pattern of a broader pattern called a bullish flag. Historically, Ripple (XRP) has always exceeded its target by approximately 10-15%, so it could rise above the $4.2 mark again.
Bullish Pennant Target Could Lift XRP Price to $13
If the breakout of the ascending triangle further confirms the Bullish Pennant, the Ripple price is likely to rise towards $13.
This projection is based on the measured movement of the flame. This is the difference between the previous share price movements and the overall market movement.
Interestingly, deviations of 10-15% would translate the target range to $14 or even $15. Traders are looking at the $8-$13 range as the primary area to invest their profits.
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This window is in sync with the bulls taking back control. This strengthens XRP’s prospects to lead the market in this cycle.
Support and resistance levels show key turning points
Dark Defender, a technical analyst, highlights the need to monitor certain levels such as resistance and support levels.
XRP’s current price resistance is fixed between $4.11 and $5.85, representing a potential upside of 78% and 145%, respectively, from the current price of $2.40.
These levels are higher than XRP’s all-time high and paint a picture of new gains if the bullish trend continues.
On the other hand, in case of bearish pressure, XRP price may return to $2.13 and $1.88. These zones provide good opportunities for the investor and shield against market volatility.
Also, XRP whales were very confident in the asset, especially with the price drop to $2.22, where they bought more.
In that period, these large investors collected more than 120 million XRP tokens worth $288 million.
Strategic buying is a form of buying that shows a bullish trend. This indicates the possibility of a future increase in the price of XRP.
Although the price of XRP has been volatile over the past few days, analysts seem to remain positive about the cryptocurrency’s future.
After reaching $2.87 last week, the highest level in seven years, the price of the cryptocurrency has fallen slightly, but it is already on the way to rise again. At press time, the price of XRP was trading at $2.42, up 1.5% in the last 24 hours.
