- XRP’s double bottom and ascending triangle suggest a major breakout.
- Whale Alert reports massive XRP transfer, adding market intrigue.
- XRP eyes $20 target, with patterns signaling a strong rally.
Hailey LUNC (@TheMoonHailey), a prominent crypto analyst, has shared a recent technical analysis of $XRP, which highlights two key chart patterns, the double bottom and ascending triangle, that suggest a potential massive breakout.
The double bottom pattern, a common bullish reversal signal, indicates that XRP could be ready to rebound after touching a low twice, forming a “W” shape. In the past, this trend was followed by a sharp upward trajectory, which explains why it is a significant indicator that traders can take into account when seeking prospective purchase deals.
Moreover, an ascending triangle is also formed where the price records higher lows, and the resistance is constant. In case of a price consolidation, the pressure against this resistance line usually leads to a breakout. If XRP can cross the resistance level, analysts assume that it would lead to a sudden upsurge in the price.
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The breakout of these two trends could see XRP reach a price of $20 and above, according to Hailey LUNC’s analysis, which has been shared alongside the chart. With the price action still being closely observed in the market, traders are looking forward to the prospects that XRP will push above the resistance level, as this will ascertain the much-anticipated surge.
As the technical patterns were all aligned to a breakout, the focus is now on the new key levels. The fact that XRP has converged around this key resistance area would be the first sign of the cryptocurrency approaching the $20 mark in case of a breakout.
Major XRP Transfer Caught by Whale Alert
Meanwhile, Whale Alert, a cryptocurrency tracking service, reported a massive transfer of XRP. According to the data, 17,841,869 XRP (worth around $52.7 million) was transferred to an unknown wallet on Coinbase. This massive transfer has raised the eyebrows of the XRP community, which analysts are closely following.
This type of mass transfer may reflect an increase in market activity and may also imply that institutional players are setting up a presence in the market. This transfer contributes to the growing popularity of XRP and may indicate notable price changes in the near future.
With both the technical analysis and the recent large transfer pointing toward potential volatility, all eyes are on XRP to see if it will reach its predicted target of $20.
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