XRP Nears Major Squeeze: Predicting XRP’s Next Move
XRP’s recent price action against Bitcoin on the 4-hour timeframe has showcased several significant patterns, including converging trend lines and wedge formations. These patterns suggest an imminent moment of volatility for XRP.
Analyst MichaelXBT identified a series of descending and symmetrical triangles that have formed since mid-July, signaling potential price movements. XRP demonstrated an impressive 28% push against Bitcoin from July 10, leading to the formation of an upward symmetrical triangle.
Overview of the Potential Squeeze
Despite a slowdown in the upsurge, XRP has been steadily recovering its lost grounds against BTC, with the formation of upward symmetrical triangles indicating bullish sentiment. The market has experienced relative flatness in volume and volatility due to trader apathy amid uncertainty, but the converging patterns on MichaelXBT’s chart point to the possibility of a significant move ahead.
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There are indications of a potential “squeeze” in XRP’s price action, with the analyst suggesting the possibility of a large price movement once key levels are breached. However, specific price targets were not provided by the analyst.
XRP Future Bullish Stance
In the past weeks, MichaelXBT has expressed a bullish stance on XRP, with a primary target of around $2. His strategy involves maximizing profits from XRP’s expected rise and diversifying gains into other altcoins.
XRP has faced resistance at the “7-year pennant resistance” level, historically preventing further upward movement. Despite this, the analyst remains confident in an imminent major breakout once this resistance is breached. Notably, MichaelXBT highlighted the significance of the $0.62 level for XRP, considering it to be a critical resistance zone that could trigger an XRP rally.
Price Action
Currently, XRP is trading at $0.5366, reflecting a 1.4% increase over the past 24 hours, and is also valued at 0.00000944 BTC, signifying a 25% increase from the July 5 low.
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Dr. Olajide Samuel juggles the demands of medical studies with a passion for cryptocurrency. A seasoned blogger, Olajide shares his vast global knowledge of the crypto space, offering insights to enthusiasts. Despite his busy schedule, his commitment to crypto remains strong, and he actively seeks ways to contribute to its future.
