XRP Price Analysis: Triangle Pattern Breakout Sparks Optimism, Will the Rally Sustain?

XRP, Ripple's native currency, surged 4.96% in the past 24 hours, reaching an intra-day high of $0.6532. This impressive rise comes amid ongoing market volatility

The price of XRP, the native currency of Ripple, has surged by 4.96% in the past 24 hours, reaching an intra-day high of $0.6532. This impressive rise comes amid ongoing market volatility, as the overall cryptocurrency market slipped by 1.08%, bringing the total market capitalization down to $2.28 trillion.

However, XRP’s uptrend is not limited to just price increases. Trading volumes have also surged, with spot trading activity exceeding $2.2 billion on September 28th—a notable 133% rise compared to September 21st. This surge highlights the growing demand for the cryptocurrency.

Moreover, the token’s market capitalization has also grown, reaching $36.68 billion and strengthening its position as the seventh-largest cryptocurrency globally. After a period of sluggish price movement, XRP is now on the cusp of a sustained recovery.

Data from CoinMarketCap reveals a price swing from a low of $0.5857 on September 28th to a high of $0.6532 on September 29th. At the time of writing, the cryptocurrency is trading comfortably at $0.6485.

According to Coinglаss data, over the past 24 hours, $3.54 million in long and short positions were closed. Interestingly, $1.57 million of those liquidations stemmed from long positions, suggesting some profit-taking amidst the current upswing.

The XRP price rise coincides with a mild correction in Bitcoin’s price. The dominant cryptocurrency by market cap has dipped below the $66,000 mark, currently trading at $64,530, a decline of nearly 1.62% over the past 24 hours.

Furthermore, the cryptocurrency has significantly outperformed Bitcoin on longer timeframes. Over the past 90 days, it has gained a staggering 36.61%, while Bitcoin has managed a 2.86% increase. This difference emphasizes its strong market position and hints at potential price appreciation in the coming months.

XRP’s Triangle Pattern Sparks Optimism

A key technical pattern—a four-year symmetrical triangle observed on the monthly chart—significantly contributes to the optimistic outlook. According to the pseudonymous crypto expert Milkybull Crypto, this pattern indicates the potential for substantial price growth in XRP.

“The $XRP breakout of the 4-year triangle will be explosive, to be honest,” the analyst stated in a recent post. This sentiment echoes the findings of a September 28th XRP analysis, which highlighted the price movement within the four-year symmetrical triangle.

A strong break above this triangle’s upper trendline could signal the beginning of a sustained bullish trend. Analysts project the possible price increase by measuring the triangle’s height at its widest point and adding that value to the breakout level. Milkybull Crypto suggests a bullish breakout from around $0.6153 could propel XRP to a price range of $10 to $20.

The $XRP breakout of the 4-year triangle will be explosive, to be honest.

Study the triangle price pattern and get back to me.

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