XRP’s Breakout Signals Potential for 300% Price Increase
XRP has experienced a significant breakthrough in recent days, with bullish momentum propelling the token above a key resistance level. This breakout has the potential to set the stage for a substantial price surge of almost 300% in the days ahead.
XRP’s Breakout Momentum
Following a period of bearish sentiment last week, XRP has seen a resurgence in bullish activity, pushing its price up by more than 2% in the past 24 hours.
Currently trading at $0.6133, with a market capitalization exceeding $34.6 billion, XRP’s recent price action has not only broken through a key resistance level but has also signaled a significant shift in momentum.
Renowned crypto analyst, Captain Faibik, highlighted a bullish symmetrical triangle pattern that has been forming over the past few years. This breakout from the pattern could be a precursor to a substantial price increase of around 300% in the near future.
However, considering the ambitious nature of this target in the short term, Captain Faibik also mentioned a midterm goal of $2.3.
Can XRP Reach $2.3 Soon?
An analysis of XRP’s on-chain data by CryptoCrypto sought to determine the likelihood of XRP reaching $2.3 in the immediate future. Examination of Santiment’s data revealed a significant surge in trading volume alongside the price increase, indicating strong bullish sentiment.
Increased investor confidence was also evident through a spike in XRP’s exchange outflow, reflecting heightened buying pressure. This rise in buying activity typically leads to upward price movements.
However, there was a decline in whales’ market exposure over the past 24 hours. According to Hyblock Capital’s data analyzed by CryptoCrypto, the whale vs. retail investor delta decreased from over 90 to 81, suggesting a shift towards greater retail investor participation.
Further analysis of XRP’s daily chart revealed that the token had reached the upper boundary of the Bollinger Bands, a sign that price corrections might be on the horizon.
In the event of a correction, XRP could retrace towards its support level around the 20-day simple moving average (SMA).