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XRP price kick-starts 80% ascent, retest of 2018 highs likely

  • 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.

Author

Akash Girimath

Akash Girimath is a Mechanical Engineer interested in the chaos of the financial markets. Trying to make sense of this convoluted yet fascinating space, he switched his engineering job to become a crypto reporter and analyst.

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