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XRP’s price can nearly double if these levels are cracked

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XRP’s price breached its three-month consolidation pattern on 27 March, indicating the start of a massive run-up. Investors can jump on this bandwagon and ride it to crucial levels before booking profits. This outlook makes sense considering the recent bullish narrative that has evolved with BTC.

XRP’s price ready to rumble

XRP’s price has set up three lower lows and two higher lows since 21 December 2021, which when connected using trend lines resulted in the formation of a symmetrical triangle. This pattern forecasts a 46% upswing, obtained by adding the distance between the first swing high and low to the breakout point.

This measurement method also revealed that XRP’s price is likely to revisit the $1.20-barrier. However, for this move to be possible, the bulls need to hold above the upper trendline of the symmetrical triangle. Additionally, the altcoin needs to slice through the $1 psychological level and flip it into a support level.

Such a development will allow XRP’s price to retest $1.20 aka the symmetrical triangle target. Beyond this, if the buying pressure continues to pour in, the remittance token will make a run at the $1.61 hurdle, bringing the total run-up to 97%.

Source: XRP/USDT on TradingView

While most altcoins have registered massive uptrends, XRP’s price seems to be slowly, but steadily, hiking too. If the near 100% outlook does not seem appealing, the on-chain volume suggests that it is more than likely.

How important is volume?

The on-chain volume for XRP’s price was 1.69 billion, at press time – A number relatively low and below the 200-day moving average (MA) at 2.48 billion. Therefore, a massive uptick in on-chain volume could be the key to triggering a massive uptrend for XRP’s price.

XRP rallied by roughly 150% the last time the on-chain volume exploded from below the 200-day MA to above it. Therefore, investors need to pay close attention to the on-chain volume and any upticks that originate.

Source: Santiment

Regardless of the optimistic outlook for XRP, it is dependent on Bitcoin sustaining its recent run-up. Although the crypto has remained less volatile and is not as affected by BTC’s retracement, a massive flash crash could turn the directional bias sour for the altcoin’s holders.

If XRP’s price produces a decisive close below $0.69, it will create a lower low and end the bullish pennant formation.

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Jibin Mathew George is Editor-in-Chief at AMBCrypto. A domain expert in International Relations (European Politics), he has always been a believer in the unlimited possibilities afforded by blockchain and by extension, cryptocurrencies. As someone who has been watching and writing about this space for over 5 years now, Jibin has closely tracked the emergence of cryptos and digital assets as a separate asset class in portfolios world over. A lawyer by training, he previously contributed to the News and Research desk of Diplomacy & Beyond Plus. Before his stint at D&B, he was Editor at ED Times. Jibin also takes a great interest in politics, especially the corresponding effect political decisions and fiscal policy have on the world of finance, with a special focus on cryptocurrencies.
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