XRP has experienced a notable correction in the past week, along with the rest of the crypto market. However, there is hope for XRP holders as the altcoin’s price chart has shown a positive pattern today. The token’s price broke out towards $2.90, sparking speculation about a potential uptrend. This bullish movement is reminiscent of a similar pattern observed between September 29 and November 6, where XRP experienced a significant 350% price surge after breaking out of a descending triangle.
The current daily chart for XRP indicates the formation of another descending triangle, which could potentially lead to a substantial climb in the altcoin’s value if history repeats itself. One indicator supporting this upward bias is the Money Flow Index (MFI), which measures buying and selling pressure by analyzing price and volume. The MFI for XRP has risen from 42.05 to 61.64, indicating significant buying pressure. If this trend continues, XRP could see a significant increase above $2.24.
Despite facing consolidation between $2.20 and $2.72 since December 3, XRP might be poised for an uptrend in the short term. The altcoin faces overhead resistance at $2.90, which needs to be surpassed for a potential 43.53% climb towards $3.20. However, failure to break above the resistance could lead to a decline in XRP’s price to $1.40. It is essential for buyers to maintain strong pressure on the XRP price chart to support this bullish prediction.
Overall, XRP holders are hopeful for a potential price surge following the recent positive pattern observed on the altcoin’s price chart. The formation of a descending triangle and the rise in the Money Flow Index suggest a potential upward bias for XRP in the short term. If the altcoin manages to break above the $2.90 resistance level, a significant price increase towards $3.20 could be on the horizon. However, failure to surpass this hurdle could lead to a decline in XRP’s price. It will be crucial to monitor buying pressure on the XRP price chart to determine the altcoin’s future price movements.
