Lorenzo Stroe
Independent Analyst
- XRP price is bounded inside an inverse head and shoulders pattern.
- The number of whales has seen a significant uptrend in the past two weeks.
- XRP could be on its way to a massive 75% breakout if key level breaks
XRP has formed a downtrend since February 22 and has been slowly declining towards a recent low of $0.39. Ripple bulls aim for a 75% breakout if they can conquer a key resistance level.
XRP price could potentially aim for a 75% move
On the daily chart, XRP has formed an inverse head and shoulders pattern which has established a resistance level at $0.62. In the short-term, it seems that XRP bulls have the upper hand as the number of whales holding at least 10,000,000 coins has increased by 10 since the beginning of February
%20[13.53.14,%2001%20Mar,%202021]-637502002326185327.png)
XRP Holders Distribution chart
The resistance level formed at $0.62 is the key for a massive 75% breakout. The bullish price target in the long-term would be located at $1.10 as there is very little resistance above $0.75.
XRP/USD daily chart
However, it's important to remember that XRP's performance has been really bad in the past few months and a breakdown below $0.40 would invalidate the inverse head and shoulders pattern
Note: All information on this page is subject to change. The use of this website constitutes acceptance of our user agreement. Please read our privacy policy and legal disclaimer. Opinions expressed at FXstreet.com are those of the individual authors and do not necessarily represent the opinion of FXstreet.com or its management. Risk Disclosure: Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.
Recommended Content
Editors’ Picks
China coin narrative in play as Coinbase CEO warns of restrictive US crypto policies
Brian Armstrong, CEO and co-founder of cryptocurrency platform Coinbase, shared his thoughts on restrictive US crypto policies in an opinion editorial published by Market Watch on Tuesday.
Ethereum holders pull $1 billion in ETH off exchanges hinting retail-led rally
Ethereum holdings in exchange wallets declined by $1.04 billion between May 8 and May 31. Interestingly, while large wallet investors have shed their Ether holdings, the altcoin got redistributed to addresses with less than 1 ETH.
Dogecoin price action hints DOGE can reverse its bearish trend
Dogecoin (DOGE) price presents a potential for trend reversal provided a certain set of conditions are met. These conditions involve overcoming key hurdles for DOGE bulls and seeing momentum indicators flip bullish on lower time frames.
PEPE price to drop another 15% as altcoin winter is only halfway finished
PEPE price is feeling the frost and cold of the altcoin winter that continues with some notable slides in price valuation in the altcoin space. After price action dropped below $0.0014700, traders must have understood that a turnaround would only occur at a high supportive level.
Bitcoin: BTC delays inevitable crash to $25,000
Bitcoin price is delaying a crash that has been brewing for roughly two weeks. A failure to push higher could result in a steep correction next week. The troubling macroeconomic conditions could be key in catalyzing and trigger a nosedive for BTC holders.