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
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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
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