- XRP poised for explosive breakout, targeting $5 after key resistance breach.
- Key chart pattern suggests XRP could soar 64% from current levels.
- Surge in XRP futures signals growing bullish momentum for breakout.
XRP traders are closely watching the current market action as renowned analyst Cold Blooded Shiller, who boasts 344,000 followers on X, suggests the cryptocurrency is gearing up for a significant move.
According to Shiller, a critical three-day candle close could serve as a key signal, with the potential to break a long-standing descending trend line. If this occurs, Shiller predicts that XRP could soar to $5, a 64% increase from its current price of $3.04.
For months, XRP has struggled to break through the resistance zone between $3.20 and $3.30, levels that have thwarted bulls since August. Shiller’s chart analysis shows a clear downtrend line, compressing the price action and forming a consolidation pattern.
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A successful breakout above this ceiling could see XRP move towards $4.20, with the ultimate target of $5 as an extension. This prediction is based on similar price action witnessed in the past, where XRP has demonstrated explosive rallies under comparable circumstances.
Earlier this year, XRP made a remarkable jump from $1.50 to $3.80 in just two months. A similar surge occurred last November when the price surged from $0.56 to $1.34 in just three weeks. Such rapid price movements indicate that the current setup could lead to another explosive rally.
Market Conditions Provide Additional Confidence
Further supporting Shiller’s prediction is the current market backdrop, which shows a rise in open interest for XRP futures. The open interest has climbed back to $8.64 billion, the highest level since July.
Additionally, funding rates have turned positive, signaling that many traders are positioning themselves for an upside breakout. These indicators suggest growing confidence in a potential XRP rally.
Should the breakout occur, the implications could be significant. XRP’s market value could increase by more than $100 billion, propelling it into the $270 billion range. This would place it closer to Ethereum’s market standing, further elevating the importance of XRP in the cryptocurrency ecosystem.
With all eyes on the three-day candle close, traders are awaiting the decisive moment that could trigger the next big move for XRP.
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