In a recent post, World of Charts analyzed the future outlook of XRP after the legal win against the SEC. The legal battle that has been ongoing for a long time and has negatively impacted the price of XRP has now been resolved and this paves way for a possible price surge.
From a technical viewpoint, XRP is showing signs of resilience. The cryptocurrency has been ranging within a multi-year symmetrical triangle, a formation that often leads to a big breakout. From this formation, it is likely that a bullish breakout will occur in the coming months and possibly take coin price to $3 or above.
XRP Buying Pressure Grows
Several factors have been identified as having high potential of increasing the chances of this breakout. First of all, higher buying pressure means that investors’ confidence with regard to token’s potential is on the rise. With more buyers coming in the market, the demand for Ripple coin is expected to increase and thus increase the price of the currency.
The overall market sentiment is also on the rise which is very important for the bulls. In the current situation where the overall cryptocurrency market is slowly recovering from the recent losses, XRP emerges as one of the most promising coins to watch. In addition, the improvement of technicals adds to this view. Technical pointers including moving averages and RSI point to the upside in the context of the XRP market, which means that the tide is turning in the direction of the bulls.
Related: https://www.tronweekly.com/xrp-poised-for-potential-surge-to-1-15/
This positive outlook is also being underpinned by positive chart patterns that are currently in place. As it stands now, token is trading in a symmetrical triangle which is a formation that has in the past led to major price actions. Such a pattern breakout confirmation may lead to a massive inflow of funds as various players aim at benefiting from the expected price rally.
Ripple investors and market observers should pay special attention to the price fluctuations of the cryptocurrency in the near future. A successful breakout could spark a major uptrend, possibly pushing XRP to unprecedented levels. With the legal issues that have been an overhang now resolved, XRP is in a good place to take advantage of the good technicals and improving market sentiment that has seen and expect to continue as the year progresses.
