XRP Targets $1 Breakout as Inverted H&S Pattern Signals Bullish Move
- XRP shows bullish rvrsl signs with n invrtd H&S pttrn on th dily chrt.
- Tchnicl indictors lik Bollingr Bnds nd RSI suggst continution of XRPs upwrd trnd.
- A brkout bov th H&S ncklin could driv XRP to trgt of $1.10.
Th XRP community hs bn grly witing positiv signs, nd rcnt tchnicl nlysis suggsts potntil bullish scnrio for th cryptocurrncy. According to mrkt commnttor Stph, n invrtd hd nd shouldrs (H&S) pttrn is nring compltion on th dily XRP chrt, hinting t possibl surg bov $1 in th nr futur.
Th invrtd H&S pttrn is strong bullish rvrsl indictor, nd its formtion suggsts potntil shift in momntum. Th lft shouldr of th pttrn bgn tking shp in lt 2023, mrkd by significnt dclin from $0.70 in Dcmbr to low of $0.4855 in Jnury 2024.
This pric drop ws followd by shrp rcovry tht sw XRP climb to $0.7449 by Mrch 2024, coinciding with th brodr mrkt uptrnd tht pushd Bitcoin (BTC) to nw ll-tim high bov $73,000. Th surg to $0.7449 compltd th formtion of th lft shouldr.
Howvr, brodr mrkt corrction ld to nothr drop for XRP, with th pric rtrcing to low of $0.3824 in July 2024. This dclin formd th hd of th invrtd H&S pttrn. Sinc thn, it hs rcovrd somwht, rching $0.6580 on July 31st, which mrkd th compltion of th hd.
Th right shouldr of th invrtd H&S pttrn is currntly in dvlopmnt. Th rcnt drop from th $0.6580 high, with low of $0.5026 on Sptmbr 6th, formd th bs of th right shouldr.
Currntly, th tokn is trding t $0.5720. Stph mphsizs tht th right shouldr will b confirmd if XRP cn continu its upwrd trjctory nd dcisivly brk bov th ncklin of th H&S pttrn, which sits t $0.6580.
XRP Bullish Breakout Potential Rising
Supporting th potntil for bullish brkout, tchnicl indictors lik Bollingr Bnds nd th Rltiv Strngth Indx (RSI) r lso providing ncourging signs.
On th dily chrt, th tokn is trding slightly bov th middl Bollingr Bnd t $0.5571, suggsting tht buyrs r still in control. Th lowr Bollingr Bnd, currntly t $0.5159, hs providd rlibl support during rcnt pric dclins.
Howvr, th uppr Bollingr Bnd t $0.5982 is cting s nr-trm rsistnc. If XRP cn ovrcom this rsistnc lvl, it could provid nough momntum for th bulls to tst th ncklin rsistnc of $0.6580. A brkout bov th ncklin would thn potntilly triggr run towrds th H&S pttrns trgt of $1.10.
Th RSI currntly sits t 51.86, indicting positiv momntum, suggsting th tokn still hs room for upwrd movmnt in th nr trm. Additionlly, th MACD lin crossing bov th signl lin, ccompnid by grn histogrm brs, signls rising buying prssur nd points to th potntil for continud upwrd movmnt.
If XRP cn ovrcom th tchnicl hurdls nd mintin bullish momntum, rturn to th $1 lvl for th first tim sinc Dcmbr 2021 could b on th horizon.
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Read more: https://www.tronweekly.com/xrp-targets-1-breakout/
Text source: TronWeekly
