MAJOR XRP News: A Huge Breakout For XRP Price Predicted

XRP, one of the major cryptos by market cap, is once again drawing attention to its price movements, as it hovers on the brink of a significant price breakout. Over recent years, the XRP price has shown patterns that suggest an imminent surge, leading experts and investors to speculate about a potential rally. So, this article delves into XRP price movements recently, XRP technical indicators, and what this could mean for its future, with the long-awaited surge seeming closer than ever.

XRP Price Analysis: Signs of A Bullish Momentum 

XRP Symmetrical Triangle Pattern

Since its remarkable 60,000% rally in 2018, XRP price has experienced a steady decline, which has led to the formation of a symmetrical bullish triangle pattern. This technical formation, characterized by lower highs and higher lows converging at an apex, typically indicates market indecision. As the pattern nears completion, a breakout toward the prior trend becomes increasingly likely. For the XRP price, this trend has been upward, signaling a continuation of bullish momentum once the breakout occurs.

By TradingView - XRPUSD_2024-08-19 (All)

With the  XRP price currently valued at approximately $33 billion, a breakout similar to its 2018 performance could potentially lead to an astronomical increase. If XRP were to achieve even half of its previous gains, its market capitalization could skyrocket to nearly $9.66 trillion, a staggering figure that could redefine the cryptocurrency landscape.

By TradingView- XRP Price Performance & Market Cap

XRP Technical Indicators

The XRP technical indicators are currently signaling a bullish outlook. The hourly MACD is gaining pace in the bullish zone, and the Relative Strength Index (RSI) is comfortably above the 50 level, suggesting increased buying pressure. These indicators align with the potential for the XRP price to break above the crucial resistance zones and trigger a strong rally.

XRP Price Prediction Supporting The Bullish Outlook

Current Dynamics: Eyeing the $0.580 Resistance Zone 

As XRP has continued to consolidate above the $0.55 level, the focus shifts to its potential breakout from the $0.58 resistance zone. Recent price actions have shown XRP price stabilizing and gaining strength above the $0.5680 mark, supported by the 100-hourly Simple Moving Average (SMA). A key rising channel with support around $0.5630 further bolsters the bullish outlook for XRP price.

By TradingView - XRPUSD_2024-08-19 (1D)

The immediate challenge for the XRP price lies in clearing the $0.58 resistance. If successful, the price could rally towards the $0.6120 and $0.6250 resistance levels, with further gains potentially driving it to $0.65 in the short term. 

However, failure to breach the $0.58 resistance could trigger a downward correction, with key support levels at $0.5620 and $0.5550.

By TradingView - XRPUSD_2024-08-19 (5D)

XRP is at a pivotal moment in its price history. The formation of a symmetrical triangle pattern, coupled with strong technical indicators, suggests that XRP could be on the verge of a significant breakout. Whether it clears the $0.580 resistance and embarks on a new rally remains to be seen, but the potential for substantial gains makes XRP a cryptocurrency to watch closely in the coming months.