XRP Nears Major Breakout as Bullish Indicators Build Momentum for Potential Rally, Says Analyst

• XRP’s symmetrical triangle pattern hints at a bullish breakout, with the 2017 rally as a possible precedent if resistance breaks.
• Key EMAs and RSI support XRP’s bullish outlook; price holds above 50 and 200 EMAs, and RSI remains below overbought.
• The 0.7350 level is a critical resistance for XRP, while EMAs at 0.5850 and 0.5505 provide support in case of a pullback.

XRP, currently consolidating within a symmetrical triangle, is showing early signs of a breakout, according to analyst JavonTM1. The analyst indicates that XRP’s price movement within the triangle, a pattern observed for years, suggests a possible shift in momentum. 

This setup has notable implications, as XRP approaches the upper boundary of the triangle, a level that, if crossed, could mark a significant uptrend similar to XRP’s historical rally in 2017.

XRP’s Consolidation and False Breakdowns

XRP’s symmetrical triangle reveals a long-standing consolidation phase, with the upper boundary acting as a key resistance level and the lower boundary providing support. XRP has remained within these levels for years, suggesting a build-up before a major movement. 

Notably, there have been two instances of “false breakdowns” below the triangle’s lower edge, which quickly reversed. These instances demonstrate buying interest and market resilience, as sellers were unable to push the price lower. Historical data shows that a false breakdown in 2016 led to a dramatic rally in 2017, pushing XRP to substantial highs.

Indicators Point to Bullish Trends

Recent price movements also indicate an upward trend, as XRP nears the triangle’s upper boundary once more. The price has attempted to break this resistance several times recently, reflecting a potential for bullish continuity. 

Key technical indicators for XRP, such as the Exponential Moving Averages (EMAs) and the Relative Strength Index (RSI), lend support to this bullish outlook. The 50-period EMA has crossed above the 200-period EMA, forming a “golden cross,” a signal typically associated with positive price action. 

The price remains above both EMAs, suggesting sustained momentum. With the RSI near 59, XRP retains space to rise before hitting overbought levels, adding confidence in a possible breakout.

Resistance and Support

For bullish continuation, XRP must maintain price levels above the 50 and 200 EMAs, with the 0.7350 mark as an essential resistance. Should buying pressure increase, analysts expect XRP to test this high before moving toward 0.80. 

In case of a pullback, support from the 50 EMA at 0.5850 and the 200 EMA at 0.5505 could stabilize the price. However, a decline below both EMAs could reverse the trend, potentially dropping XRP toward lower levels around 0.50.