Ripple Price Consolidates in Symmetrical Triangle for 1.5 Months: Whats Next For XRP?
- XRP price consolidates in symmetrical triangle pattern for 1.5 months.
- Positive funding rates and rising Chaikin Money Flow indicate bullish sentiment.
- Potential 29% rally to $0.76 if breakout occurs, or drop to $0.56 if failed.
XRP finds itself at a critical juncture as it approaches the culmination of a month-and-a-half-long symmetrical triangle pattern.
Despite repeated failures to breach a key resistance barrier, the token now shows signs of potentially breaking out of this consolidation phase. This development has ignited optimism among traders, who are increasingly anticipating a significant rally that could propel XRP to new heights.
The growing bullish sentiment surrounding Ripple is evident in the positive funding rate, which has maintained its longest streak in over seven weeks. This metric, typically indicative of long contract dominance over short positions, reflects a strong market belief in XRPs upward potential.
The persistence of this positive funding rate suggests that traders are placing their bets on XRPs ascent, potentially fueling a self-reinforcing cycle of bullish momentum.
Momentum indicators show positive XRP picture
Beyond short-term trading dynamics, broader momentum indicators paint an encouraging picture for XRP. The Chaikin Money Flow (CMF) indicator has registered a sharp uptick, signaling a substantial influx of capital into the asset.
This surge in investor confidence could serve as a catalyst for sustained price appreciation, providing the necessary buying pressure to support a breakout from the symmetrical triangle pattern.
As XRP tests the upper trendline of the symmetrical triangle as support, the stage appears set for a potential breakout. Should this scenario materialize, technical analysis suggests the possibility of a 29% price surge, potentially driving XRP towards the $0.76 mark.
However, the bullish thesis hinges on the coins ability to decisively flip the $0.64 resistance level into a support floor, a move that would confirm the upward trajectory and lay the groundwork for further gains.
Text source: TheNewsCrypto – Blockchain & Cryptocurrency News M
