• Ripple price is bounded inside a descending triangle pattern on the 4-hour chart.
  • The digital asset is on the verge of a 20% breakout if a key resistance breaks.
  • The TD Sequential indicator has presented a buy signal giving credence to the bulls.

After a significant rebound from its local bottom at $0.30, XRP has managed to hit $0.64 again thanks to an initial pump that started on January 30 from the WallStreetBets community on Reddit. Ripple price is ready for another leg up as technicals scream buy.

Ripple price can explode to $0.65 if this key barrier cracks

On the 4-hour chart, XRP has established a descending triangle pattern with a resistance level located at $0.544. A breakout above this point would push Ripple price up to $0.65, a 20% move determined by the height of the pattern.

xrp price

XRP/USD 4-hour chart

On the 9-hour chart, the TD Sequential indicator has presented a buy signal on the 9-hour chart and just crossed above the 26-EMA support level. Closing above this point would add even more credence to the bullish outlook above.

xrp price

XRP/USD 9-hour chart

On the other hand, it seems that whales have taken advantage of the recent increase in prices to sell their XRP holdings. The number of large holders with at least 10,000,000 XRP ($3,000,000) has dropped 10 in the past two weeks.

xrp price

XRP Holders Distribution

This indicates that some large holders do not believe XRP can continue rising in the near future.  A rejection from the key resistance level at $0.544 on the 4-hour chart can quickly send Ripple price down to $0.512.

xrp price

XRP/USD 4-hour chart

The resistance barrier at $0.544 also coincides with the 50-SMA. Losing the support level of $0.512 will push Ripple price down to $0.40.

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Cryptos feed

Latest Crypto News


Latest Crypto News & Analysis

Editors’ Picks

Ethereum Classic price squeezed, puts ETC on the verge of a sharp move

Ethereum Classic price has not accomplished anything since claiming the 2018 high on July 24, showing a 3.60% gain over the last nine days. The lack of price traction stands in contrast to the unstoppable advance for ETH over the last 13 days.

More Ethereum Classic news

AXS price sows doubt, yet Axie Infinity has the swagger for higher prices

AXS price climbed 183.75% from May 21 to May 23, easily besting any previous three-day rally since 2020 and carry the cryptocurrency to the 461.8% extension of the April-May correction. Over the last ten days, Axie Infinity has fallen -6.23%, leaving doubt about the potential to continue ...

More AXS news

SafeMoon Price Prediction: SAFEMOON drops 27%, but any rebound should be sold

SafeMoon price shaped a descending triangle pattern since the May collapse, with the May 19 low of $0.00000261 serving as the horizontal support for the triangle. Finally, on July 28, SAFEMOON logged a daily close below the May 19 low.

More SafeMoon news

Top 3 Price Prediction: BTC and XRP correct in time versus price as ETH remains unstoppable

Bitcoin price ends three-month decline with a compelling 18.35% gain in July while Ethereum price is working on a historic 13 consecutive up days. XRP price closed last week with the best weekly return since the end of April.

More Bitcoin news

BEST CRYPTO BROKERS/EXCHANGES



Bitcoin Weekly Forecast: Markets revert to mean, but BTC price remains indecisive

Bitcoin price shows considerable strength after springing from the recent crashes. Still, it is uncertain whether the current bullish impulse will morph into a new uptrend or lead to a more profound decline.

Read the weekly forecast

BTC

ETH

XRP