A well-known crypto analyst on X with more than 60,000 followers is suggesting that Ripple’s XRP may be on the verge of a significant price surge, citing a potential breakout from a long-standing resistance level. The analyst, who goes by the handle @MikybullCrypto, shared a chart showing XRP’s price action getting close to breaking out of a monthly triangle pattern in which the cryptocurrency has been trading since 2021.
In technical analysis, a triangle pattern is formed when the price oscillates between two converging trendlines, creating a series of higher lows and lower highs. The breakout from such a pattern can signal a potential shift in market sentiment and a new directional move.
According to the analyst’s analysis, a successful breakout from this years-long resistance could trigger a bullish rally, potentially pushing XRP’s price to around $0.6 from its current level of approximately $0.62. This would represent a nearly 900% increase in value.
However, for this bullish scenario to play out, the analyst’s chart reveals the importance of XRP closing above the strong monthly resistance level of around $0.72. In technical analysis, a “close” refers to the price at which an asset finishes trading during a specific time frame, such as a day, week, or month.
If XRP manages to close above the $0.72 level on a monthly timeframe, it would be considered a significant breakout, potentially attracting a influx of bullish traders and investors. This could, in turn, drive the price even higher, as more market participants join the upward momentum.
It’s worth noting that while technical analysis can provide valuable insights into potential price movements, it should be used in conjunction with other factors, such as fundamental analysis and market sentiment, when making investment decisions.
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