Is XRP About to Enter a 4-Year Triangle Breakout and Could $0.60 Mark the Beginning of a Rally?

Posted by cryptonews Crypto News Industry Talk September 24, 2024 1.8k Views

Technical and fundamental indicators are getting more and more bullish, suggesting that XRP might be ready for a breakout.

Following some volatility, the price of XRP has been relatively stable over the last day, gaining 0.08%.

A technical pattern that has been developing since March 2020 is about to break out.

Indeed, with XRP holding a meager 0.53% gain since last Tuesday, this insignificant movement represents a retreat from the Fed rate cut-fueled growth seen last week.

This could, however, suggest that XRP has stabilized after experiencing a lot of volatility.

Stability may be what XRP needs before making its next move, even though it may not be as popular right now, with its trading volume down another 3.17% to $909.3 million over the previous day.

4-Year Triangle Breakout Nearing: How Far Can XRP Price Rise?

Technical indicators are getting more and more bullish in support of an upward breakout from the 4-year symmetrical triangle pattern, as can be seen by closely examining the XRP price chart.

XRP/USDT 1W chart, 4-year symmetrical triangle pattern. Source: Binance.

Above all, it appears that XRP has taken solace in its new bullish lean, as its Relative Strength Index (RSI) holds steady above the neutral line at 60.

This is neutral, but it shows a significant bias in favor of buying pressure.

The Chaikin Money Flow (CMF), which is progressively exiting negative territory each week, reflects this sentiment as well.

It is currently only half of what it was at the beginning of the month, at -0.06.

Bulls appear to be in charge as the MACD line continues to have a comfortable lead above the Signal line, suggesting that a breakout in the near future is plausible.

XRP has firmly held its position above the 200EMA support despite this correction. It had regained this support at $0.52, a strong demand zone, since early July.

The price of XRP needs to break above the $0.60 mark and take back the 200 SMA as support in order to resume its upward trajectory.

A clear break above these levels would suggest that the market is ready for a bigger rally and a change in attitude.

The magnitude of such a move might set off a 225% rally in the upcoming months, bringing the price back to its previous peak of $1.97.

However, there is a lot of room for growth with the fundamental drivers for the cryptocurrency space building and Ripple focusing on the stablecoin and custody market.

This Fleeting Opportunity Could Rally Twice As Hard

While a $2 XRP is undoubtedly a tempting offer, there are also new opportunities that could result in very significant gains.

Investing in relatively new low-cap meme coins that have the potential to rise rapidly could be advantageous for strategic investors.

The most well-known of these is the brand-new Mega Dice ($DICE) Solana GameFi token, which is the native token of the Mega Dice platform, a leading name in the cryptocurrency casino industry with over 10,000 active players and over $50 million in monthly wagering.

The platform offers utilities such as casino cashback, airdrop rewards, and NFT perks for holders. Something that may be credited to its instant success, raising over $1.8 million in its presale so far.

But this is a short-lived opportunity. With the DEX Radium scheduled to launch on September 30th, there is a good chance DICE will not be this cheap again once it hits exchanges.

As a starting point, the group uses Rollbit is ($RLB) success. Rollbit is superior feature set has $DICE buyers convinced that it can easily reach its peak 8,000% return for early investors.

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