XRP price poised for 42% breakout as whales go into a buying frenzy


  • XRP price is contained inside a symmetrical triangle pattern on the 12-hour chart.
  • XRP whales have recently bought a lot of XRP, increasing buying pressure. 
  • Only one key resistance level separates XRP from a 42% breakout toward $0.83. 

XRP has been trading inside an uptrend for the past week as confidence in the digital asset increased again. XRP holders were able to receive authorization to present a motion on the SEC case against Ripple. This seems to have boosted the confidence of investors.

XRP price is one barrier away from $0.82

On the 12-hour chart, XRP has formed a symmetrical triangle pattern with its resistance trendline established at $0.584. A breakout above this critical point will quickly drive XRP price towards $0.82, a 42% move calculated using the height of the pattern as a reference point.

xrp price

XRP/USD 12-hour chart

This breakout seems to be more likely because of a significant increase in XRP whales. The number of holders with at least 10,000,000 XRP spiked by five in the past 24 hours. Additionally, the amount of other large holders with 1,000,000 to 10,000,000 XRP has also risen from 1,175 on March 22 to 1,194 at the time of writing.  

xrp price

XRP Holders Distribution chart

However, a rejection from the upper trendline resistance at $0.58 would be significant. XRP price could quickly fall towards the lower boundary of the pattern at $0.455.  

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

SafeMoon price eyes a pullback amid oversold conditions before next downswing kicks in

SafeMoon price brought an end to its ten-day-long range trade at lower levels, following a daily closing below the rising trendline support at $0.00000236 that validated a bear flag formation. RSI peeps into the oversold territory, warranting caution for the bears. Therefore, a rebound could be in the offing before SAFEMOON price resumes the next downswing. 

More SafeMoon News

Cardano price awaits acceptance above this key hurdle to initiate rally towards $1.45

Cardano awaits a range breakout from two key averages on the 12H chart. An impending bull cross and bullish RSI keep the ADA buyers hopeful. ADA price eyes a rally to 200-SMA at $1.4545 on a firm break above 100-SMA. 

More Cardano News

XLM price gearing up for a big move above $0.2870

Stellar price is alternating between gains and losses around $0.2800 so far this Saturday, looking out for a strong bullish catalyst to extend the recent uptrend. XLM price remains primed for a bullish breakout from the triangle above $0.2870.

More Stellar News

Ethereum Price Prediction: $2500 - a tough nut to crack for amid impending death cross

Ethereum’s daily chart shows that the price is lacking a follow-through upside momentum, as the bears are awaiting confirmation of a death cross formation. However, with the RSI still trending above the midline, the ETH buyers could defy the bearish warning. 

More Ethereum 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