• XRP price has set up multiple inverse head-and-shoulders set up over the past few years.
  • The latest formation, forecasts a 24% upswing to $0.673. 
  • Sentiment among XRP holders is bullish, pushing the asset past long-standing hurdles. 

XRP price wiped out losses from the SEC’s crackdown on cryptocurrencies in the first week of June, surpassing key price levels as users digested the contents of Hinman documents. The altcoin’s recent consolidation has resulted in a bullish formation, a setup that hints at a breakout for XRPLedger’s native token holders.

Also read: Ripple CTO addresses the case of missing XRP transactions from 2012, claims Ripple did not create XRP

XRP price and its history of inverse head-and-shoulders

XRP price set up an inverse head-and-shoulders setup on the three-day chart in 2019 and 2020. The breakout from this technical formation initially resulted in a nearly 190% ascent. After a full retrace and retest of the neckline, the XRP price rallied 607% between March and April 2022. 

XRP/USDT 3-day chart

XRP/USDT 3-day chart

The most recent example of the inverse head-and-shoulders setup was in May 2023. After a decisive breakout above the neckline on May 26 XRP price rallied 12% to hit the forecasted target at $0.525.

XRP/USDT 4-hour chart

XRP/USDT 4-hour chart

Read more: XRP price could reach new 2023 high as institutional interest grows

XRP price gears up for the next big move

XRP price has set up an inverse head-and-shoulders setup on the daily timeframe. The price action, extending from late March to June 24, shows three distinctive swing lows. The central one is steeper than the rest and is termed the “head.” On either side of the head are “shoulders,” which swing lows of nearly comparable depths. 

Connecting the swing highs of these three valleys shows the formation of a neckline. A decisive move above this neckline is considered a successful breakout. In such a case, the target for the setup is obtained by measuring the distance between the head’s right peak and its lowest point and adding it to the breakout point.

In Ripple’s case, the setup forecasts a 24.33% ascent to $0.673.

XRP/USDT 1-day chart

XRP/USDT 1-day chart

Considering that the XRP price is still forming the right shoulder, it is too early to tell if this potential bullish setup will be complete. A failure to form the right shoulder and breakout above the neckline will mean a weak bullish camp for the remittance token.

If XRP price produces a lower low below the June 16 swing low at $0.455, it will invalidate the bullish setup. Such a move could potentially trigger a 12% correction that retests the May 8 swing low at $0.410.

Experts say XRP bullish breakout could be under way

XRP price is on the cusp of breaking out of the Multi Year Ascending Triangle (MYAT), according to crypto analysts at the firm Egrag Crypto (@egragcrypto). The success rate of the analysts’ prediction is 72.77%.

Based on the statistics, a projected breakout date is approaching in July. The analysts use the inverted hammer formation as a sign to determine that the July breakout is in the marking.. 

XRP bullish breakout prediction

XRP bullish breakout prediction

Selling pressure on XRP is weakening and experts have noted the emergence of new buyers across exchanges. The short-term support targets are $0.48, $0.46, and $0.42. Short-term resistance levels are $0.50, $0.53 and $0.58.

Also read: Top 3 Price Prediction Bitcoin, Ethereum, Ripple: Crypto markets take a breather


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.

Join Telegram

Recommended content


Recommended Content

Editors’ Picks

XRP struggles to make comeback above $0.50 as Ripple CEO will face trial

XRP struggles to make comeback above $0.50 as Ripple CEO will face trial

XRP remains range-bound under the $0.50 resistance on Friday after news that Ripple CEO Brad Garlinghouse will have to face a trial in California regarding some statements he made in 2017. 

More Ripple News

Bitcoin Weekly Forecast: Is BTC out of the woods?

Bitcoin Weekly Forecast: Is BTC out of the woods?

Bitcoin appears poised for a slight decline this week, influenced by factors such as the German Government's deposit of over 1,700 BTC in exchanges, decreasing outflows in US spot ETFs, and on-chain data indicating no signs of BTC DeFi liquidation.

More Bitcoin News

1Inch looks poised for downward correction

1Inch looks poised for downward correction

1inch price moves lower by 3% on Friday after being rejected by the 200-day Exponential Moving Average on Thursday. On-chain data shows a decline in Development Activity, signaling negative sentiment among 1INCH investors. 

More Cryptocurrencies News

LayerZero ZRO token tumbles 24% in 24 hours, hit by airdrop-related controversy

LayerZero ZRO token tumbles 24% in 24 hours, hit by airdrop-related controversy

LayerZero’s ZRO token airdrop went live on Thursday, with a claiming mechanism called Proof of Donation. The team requires 10 cents in USDC, USDT or Ether per ZRO token with the aim to weed out manipulative Sybil entities. 

More Cryptocurrencies News

Bitcoin: Is BTC out of the woods?

Bitcoin: Is BTC out of the woods?

Bitcoin (BTC) appears poised for a slight decline this week, influenced by factors such as the German Government's deposit of over 1,700 BTC in exchanges, decreasing outflows in US spot ETFs, and on-chain data indicating no signs of BTC DeFi liquidation. Technical indicators suggest BTC might experience a 3% correction in the near term before continuing its upward trajectory.

Read full analysis

BTC

ETH

XRP