Is XRP Set to Soar by 40%? Insights into Recent Market Movements – BitRss

The altcoin market is witnessing significant activity, particularly with XRP’s technical formation of a “falling triangle.” A potential upward breakout from this formation could lead to a price increase of up to 40%. Since Donald Trump’s presidential election victory, XRP’s price has surged by over 300% since November.

Falling Triangle Formation and Bullish Expectations

XRP’s price declined from around $2.90 at the beginning of December, creating a formation often interpreted as bearish. This formation comprises a horizontal support line and a downward-sloping resistance line. However, according to technical analysis principles, upward breakouts are typically seen as more rewarding and reliable.

XRP Price Analysis

Crypto analyst Omkar Godbole noted that if the price breaches the resistance line, we could see the continuation of the upward trend that started at the $0.50 mark in early November. In this scenario, a rise exceeding 40% is possible. However, he emphasized that if the price falls below the support level of $2, this optimistic outlook would be invalidated.