XRP: Is XRP Bull Run Set to Hit $0.91 After the Triangle Breakout?
In recent development as the SEC’s deadline to appeal the recent ruling on Ripple approaches, there is growing bullish sentiment in the market. The price of XRP has reached $0.65 today, accompanied by an 11% increase in trading volume. The question now is whether this recovery rally will push above $0.70, or if a downturn is imminent due to market pullbacks.
XRP Breakout Analysis
On the daily chart, XRP’s price action shows a significant boost in the bullish cycle, breaking through the overhead resistance trend line. This marks a long-awaited triangle pattern breakout, unleashing strong upward momentum.
XRP’s price has surged by 9.94% over the past three days. With three consecutive bullish candles, the triangle breakout rally in XRP peaked at $0.6650, marking the highest price since March 2024.
Read Also: Terra Classic Community Expert Reflects On LUNC and USTC Price Volatility
XRP Price Chart
Currently, the recovery run in XRP’s breakout rally is challenging the 78.60% Fibonacci level near $0.6521. Additionally, it has surpassed a crucial resistance level of $0.6280, which prevented a higher closing price since July 2024.
The key daily EMAs (50, 100, and 200) remain in bullish alignment, reflecting an uptick in demand and increasing bullish momentum. Furthermore, the triangle breakout rally suggests a rounding bottom reversal, with a neckline at the $0.72 mark.
XRP Price Outlook and Performance
Based on the Fibonacci levels, the XRP price is at a critical juncture at the 78.60% level. A bullish breakout will target $0.72 and $0.91 as the next potential levels at the 100% and 1.618 Fibonacci levels. On the downside, crucial support for XRP is at the $0.6280 neckline and the psychological $0.60 mark.
Meanwhile, these levels may not hold against incoming supply if the SEC decides to appeal, dampening market optimism. Adding to the appeal speculations, a former SEC lawyer told Fox Business reporter Eleanor Terrett that the agency would likely appeal the XRP ruling as they consider the ruling “illegal.”
Read Also: Shiba Inu Team Unveils Major Update On Shib the Metaverse Launch, Ignites Enthusiasm for the Future
Follow us on Twitter, Facebook, Telegram, and Google News
Meet Daniel Abang: Crypto guru, content creator, and analyst. With a deep understanding of blockchain, he simplifies complex concepts, guiding audiences through the ever-changing crypto landscape. Trusted for his insightful analysis, Daniel is the go-to source for staying informed and empowered in the world of cryptocurrency.
