Indeed, today has been a parabolic day for the XRP price, with an 11.40% uptick. However, it seems the momentum is waning as price takes a sudden U-turn.
Traders shouldn’t hold their breath just yet, though. A slowdown or even a slight correction is expected and healthy, given that the brunt of the 27.17% gain since last Tuesday occured over the past few days.
As the wider market rejoices in the wake of the US election, XRP seems one of it’s biggest beneficiaries. The snowballing attention for the altcoin seems evident as today sees a 55% increase in trading volume, reaching $6.7 billion.
XRP Price Analysis: Major Technical Breakthrough Eyes New High
This influx has triggered a major technical breakthrough, as the XRP price mounts a breakout from a bullish 4-year symmetrical triangle pattern that has been brewing since 2021.
XRP / USDT 1W chart, 4-year bullish pattern breakout. Source: Binance.
After multiple attempts at the pattern’s resistance over recent weeks, this week seems to have affirmed a decisive breakthrough, though it now appears suppressed at the $0.6580 resistance.
This setback seemed inevitable as the flash rally led the daily Relative Strength Index (RSI) to break into overbought territory at 80, leading to a correction as the price tries to find more stable footing before its next leg up.
This doesn’t seem like a concern, though, as the weekly MACD sees an explosive crossover above the signal line, a move which, in recent history, has consistently led to massive upticks in the XRP price.
While the daily chart certainly suffers from some volatility, the weekly RSI maintains a neutral but bullish position, providing some confidence that the rally still stands on strong footing.
Therefore, the $0.6580 resistance probably won’t remain a challenge for long, especially as this week’s candle overcomes the stubborn resistance posed by the 200SMA over the past few weeks.
Given the pattern materializes, a conservative price target of $1.90 seems likely by the year’s end. However, with potential fundamental catalysts stacking in its favor, a new all-time high seems the natural target.
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The post $7 Billion Influx Fuels Bullish XRP Price Breakout – Could It Reach a New All-Time High Soon? appeared first on Cryptonews.
