In contrast to many other cryptocurrencies, XRP was pre-mined with a total fixed supply of 100 billion tokens. It has gained traction among various financial institutions due to its potential to enhance the efficiency of global money transfers.
The XRP price chart by Dark Defender on X shows the daily timeframe reveals an ascending triangle pattern, which is generally considered bullish.
This pattern is defined by a flat resistance line at point B and an upward-sloping support line connecting points A to C. Such formations often signal potential upward price movements, especially when the resistance is finally broken.
XRP Price Breakout and Throwback
Recently, the XRP price broke above the resistance line at point B, a move typically interpreted as a bullish signal. Following this breakout, XRP experienced a throwback and expected temporary retracement back to the breakout level or slightly below. This throwback appears to be nearing completion, suggesting that XRP is likely to resume its upward trajectory soon.
The chart shows a previous high of $2.8080, with XRP price currently trading around $2.4688. Fibonacci retracement levels indicate a 23.6% retracement at $2.7671 and a 38.2% retracement at $2.5779, which may have served as support during the throwback phase. These levels are critical to watch as they could influence XRP’s next moves.
XRP Price Prediction
The chart features a green upward arrow, indicative of a bullish prediction for XRP as it aims for new all-time highs. With the throwback nearly complete, there is optimism that the XRP price could continue on its upward path, especially if the prevailing bullish sentiment persists.
READ ALSO: Here’s Why Solana (SOL) Could Surge 10x in the Bull Run
While the chart does not display moving averages or other technical indicators, the breakout and subsequent throwback within the context of the triangle pattern suggest a potential continuation of the trend, provided that the throwback support holds firm.
Based on this analysis, if the throwback support holds and no significant negative news or market disruptions occur, XRP price appears well-positioned for a potential move toward new highs, as indicated by the chart.
