Ripple’s XRP token appears ready for the breakout

The central theses

  • XRP consolidates within a narrow price range.
  • A daily candle close outside of the $ 1.17 to $ 1.10 zone should determine where prices go next.
  • Interestingly, some large whales have left the network in the past few days.

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As a new approach to the monthly close, volatility seems to be among the top cryptocurrencies by market capitalization again. Although XRP is stagnating, the specs show a high probability of a significant price movement.

XRP is consolidating before the breakout

Ripple’s XRP token continues to consolidate within a narrow trading range that narrows over time.

The price movement of the sixth largest crypto over the past twenty days appears to have resulted in the formation of a symmetrical triangle on the daily chart. A descending trend line can be drawn along with the swing highs, while a rising trend line develops along with the swing lows.

As XRP approaches the apex of the triangle, it suggests that a sharp spike in volatility is imminent. The measurement of the height of the y-axis of the technical pattern added to the breakout point predicts a price movement of 31.7% in both directions.

Only a daily candlestick close outside of the $ 1.17 to $ 1.10 range will determine where XRP goes next. An increase in buying pressure that breaks the overhead resistance could push the asset up to $ 1.55, but a loss of the $ 1.10 level as support could correct a correction towards $ 0.75.

Source: TradingView

Despite the ambiguous outlook offered by the symmetrical triangle, data from the behavior analysis platform Santiment shows that whales are making gains.

SIMETRI research

Sanctuary Hurricane Demo Day

The number of addresses with more than 10 million XRP has decreased by 1.5% in the last three days. About five whales left the network or redistributed their tokens in such a short period of time.

XRP supply distributionSource: Santiment

The sudden drop in large investors on the network is a negative sign of a sustained uptrend, especially considering they hold more than $ 11 million worth of XRP. Another spike in selling pressure could push XRP below its underlying support at $ 1.10, resulting in a 31.7% retracement.

Still, only a daily candlestick that closes out of the pocket of $ 1.17 to $ 1.10 will determine where XRP goes next.

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