• XRP price broke out of a symmetrical triangle pattern on November 2.
  • The retest of $1.137 confirms the start of an upswing to $2.
  • A breakdown of the $1.05 support floor will invalidate the bullish thesis for Ripple.

XRP price action over the past two months has been lackluster, to stay the least. On November 2, this outlook changed as Ripple bulls breached a crucial resistance barrier that kick-started a potential bull rally.

XRP price reveals bullish signs

XRP price set up multiple lower highs and higher lows starting August 8. Connecting these swing points using trend lines reveals the formation of a symmetrical triangle. This technical formaiton forecasts an 80% ascent to $1.97, obtained by adding the distance between the first swing high and swing low to the breakout point at $1.1.

Although XRP price breached the upper trend line of this setup, a daily close above the 50% Fibonacci retracement level at $1.13 adds credibility to the upswing. Therefore, investors can expect Ripple to continue its ascent to the next crucial barrier at $1.41. 

If the buyers manage to push XRP price above this level and hold it there, it will indicate a significant milestone and further strengthen the move to $2. 

The climb to $2 is just the start as the uptrend could extend to 161.8% trend-based Fibonacci extension at $2.32. In a highly bullish case, however, XRP price could move to retest the $3 psychological level or the all-time highs at $3.31.

XRP/USDT 1-day chart

XRP/USDT 1-day chart

While XRP price looks bullish, it needs to hold above the $1.13 support floor to have any chance at an upswing. A breach of this barrier will knock the remittance token down to $1.05. Here, the buyers can try to make a comeback. However, a daily close below this barrier will invalidate the symmetrical triangle’s bullish thesis.

 

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

Why Bitcoin price could form a bottom following the January 28 options expiry

Bitcoin open interest volume by expiry date indicates a majority of bearish sentiment in the market. BTC options worth roughly $2 billion will expire by the end of this week. However, options expiry has correlated with massive liquidations and price crashes in the past.

More Bitcoin news

Binance Coin price needs to reclaim $414 to avoid further losses

Binance Coin price must reclaim $414 as support in order for the bulls to target higher levels. BNB may be confronted with a stiff hurdle at the 50% retracement level at $504. If BNB fails to slice above $414, the exchange token may drop lower.

More Binance Coin news

Cardano price struggles with recovery as ADA bulls confront challenges ahead

Cardano price is struggling to lift prices higher although selling pressure eased. ADA may continue to be sealed in a consolidation chart pattern as the token confronts stiff resistances ahead while the buyers attempt to target higher levels.

More Cardano news

Crypto.com gives up 7% gain post Fed, CRO at a make-or-break point

Crypto.com price was handed a massive rejection move during the Wednesday trade session – as did the broader cryptocurrency market. As a result, the interpretation of Wednesday's candlestick leans heavily on the bearish side of the trade.

More Crypto.com news

Bitcoin: BTC may capitulate to $30,000

Bitcoin price has dropped considerably over the last three weeks. The recent downswing has made things worse for BTC and hints that a steep correction could be on its way.

Read full analysis

BTC

ETH

XRP