What a day for crypto traders! No super crazy pumps, but considering how boring the past few weeks have been, investors will welcome Bitcoin’s pump of around 4.5% while most altcoins are also up 5-20% today.
One of those altcoins is XRP, which pumped 7% today and is now trading well above the $0.6 area.
Analyst “World Of Charts,” who often provides very good technical analysis, posted an XRP chart today and predicted the price is gearing up for a massive breakout following positive news from the Ripple vs SEC case earlier this summer.
What you'll learn 👉
XRP Chart – Technical Analysis
The XRP chart displays a symmetrical triangle pattern, with the upper trendline connecting a series of lower highs starting around April 2021, and the lower trendline connecting higher lows beginning around March 2020. This pattern typically forms when the market is undecided, leading to a consolidation of prices that narrows over time.
The upper trendline begins around $2.00 (April 2021) and declines to around $0.80, while the lower trendline starts around $0.12 (March 2020) and inclines to approximately $0.35. Currently, XRP is trading at $0.60, near the upper boundary of the triangle. A breakout above this trendline could confirm a bullish reversal.
The analyst mentions a potential 302% rally if XRP breaks out of the triangle. Using the measured move technique, which estimates the target price by adding the height of the triangle’s base (approximately $1.80) to the breakout point, the potential target could be around $2.55 to $2.80 if XRP breaks out around $0.65.
A confirmed breakout above the triangle could lead to a substantial rally, possibly reaching or exceeding the previous all-time high. However, failure to break above could result in further consolidation or a bearish reversal. In this case, $0.45 should act as a strong support zone.
It’s crucial to note that XRP must close above the upper trendline with significant volume to confirm the breakout and begin the expected rally. The closure of the SEC case is always a catalyst for this potential rally, adding to the bullish sentiment.
Read also: Ripple Analyst Warns: Bitcoin Maxis Don’t Want You to Know This- Will XRP Price Explode?
XRP Outperformed by Meme Coins
Even today, when XRP’s price is doing well, it’s being outperformed by WIF, PEPE, and other top memes that are all up double-digits.
One early-stage meme coin that you might want to consider is PandaWorld, currently in presale. Unlike traditional meme coins that rely solely on hype, PandaWorld has built an ecosystem that generates revenue from various sources, which is then shared with token holders who stake their PADW tokens.
Users can earn PADW tokens by playing games, with more tokens earned through increased gameplay. These tokens can then be staked for additional rewards. PandaWorld operates an online casino where users can play games using PADW tokens, with a portion of the revenue added to the profit pool shared with stakers.
The project is also developing a content platform for users to create, share, and earn from their digital content. Revenue from P2E games, the casino, and the content platform is pooled together, with staked PADW token holders receiving a share proportional to their stake amount and duration.
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