XRP has recently shown a notable performance, increasing by 14% over the past month. This growth has allowed it to break above a long-held symmetrical triangle pattern, a development that hasn't occurred since 2020. The breakout positions XRP for a potential 200% price surge, contingent on favorable market conditions.
According to BeinCrypto, XRP has been trading within a symmetrical triangle since July 2020. This trading pattern signifies a period of price fluctuations between two converging trend lines, establishing critical resistance and support levels. The recent price increase has led to a rally above the upper line of this triangle, indicating that XRP bulls have gained dominance over bearish forces.
The token's open interest has seen a remarkable rise, now standing at $1 billion, a 102% increase over the last 30 days. This marks the first time since September 2023 that XRP's open interest has exceeded $1 billion, suggesting heightened market enthusiasm.
In addition, the steady accumulation of XRP by whale investors, specifically those holding between 100 million and 1 billion tokens, further supports the bullish outlook. In the past two weeks alone, this group has accumulated 680 million XRP, valued at over $435 million, bringing their total holdings to 9.76 billion tokens, which is approximately 16% of the total circulating supply.
The Relative Strength Index (RSI) for XRP is currently at 60.32, indicating strong buying pressure. Additionally, the Moving Average Convergence Divergence (MACD) suggests that XRP's price is gaining strength. If the upward trend continues, XRP could reach $2 for the first time since early 2020.
However, if market interest declines, there is a risk of a failed retest of the breakout line, which could see XRP’s price drop below support levels, potentially falling to $0.26.
