XRP price could resume its uptrend towards a new all-time high on the $1.17 resistance barrier break. Ripple’s native token may be ready for a bull run. At the time of writing, the token is changing hands at $1.1103, a 2% increase in the last 24 hours.
XRP/USD 4-hour chart | Source: TradingView
XRP price action seems to be contained within a tight range
According to 40-year trading veteran Peter Brandt, XRP price action is constructively governed by a multi-year head-and-shoulders pattern formed on its weekly chart, as AZCoin News reported.
Source: Peter Brandt
The sixth-largest cryptocurrency by market capitalization spiked 230% at the end of March, marking a breakout of a consolidation pattern. After that, XRP reversed to the head-and-shoulders neckline at $0.61 to eliminate some of the so-called weak hands.
Prices have bounced above the $1 psychological level since July 20, where the asset is currently consolidating. A decisive weekly candlestick close above the overhead barrier could signal the resumption of the uptrend. Under such unique circumstances, XRP could enter a new uptrend to meet the target of the head-and-shoulders pattern at $3.42.
Source: Santiment
A spike in the number of active wallets tends to lead to an increase in prices. However, it is imperative to wait for a sustained candle to close outside the $1.72 to $1 range to determine XRP’s next position.
A break above the resistance could push this token to an all-time high, while the loss of the underlying support barrier could lead to a correction down to $0.85 or even $0.7.
Read more:
- Ripple Helps Paydek Stretch Out To Africa And Several Latin American Countries
- Legendary Trader Peter Brandt Posted A Potentially Constructive Long-Term Chart For XRP Price