XRP has been consolidating within a symmetrical triangle pattern for the past six years, and a bullish breakout may be on the horizon if it surpasses $0.90.
This long-term consolidation could soon give way to significant upward momentum, marking a major shift in XRP’s market dynamics.
$XRP has been consolidating within a symmetrical triangle for 6 years! A bullish breakout could occur if #XRP surpasses $0.90. pic.twitter.com/YzW3jDuvF9
— Ali (@ali_charts) July 30, 2024
Over the past five weeks, the number of wallets holding at least 10,000 XRP has skyrocketed. There are now 279,400 such shark and whale addresses on the ledger, returning to a six-month high. Throughout 2024, the correlation between these large holders and XRP’s market value has been undeniable, signaling strong investor confidence.
🐳🦈 The amount of wallets holding at least 10K XRP has skyrocketed in the past 5 weeks. 279.4K such shark & whale addresses exist on the ledger, returning to a 6-month high. The correlation between these wallets and XRP's market value has been undeniable throughout 2024. 👍 pic.twitter.com/JRT3629sJH
— Santiment (@santimentfeed) July 30, 2024
XRP appears to be breaking out of its six-year downtrend. Historically, when XRP experiences a breakout, Ethereum (ETH) tends to rise shortly after, followed by a period of weakness or decline for Bitcoin (BTC). This pattern suggests that a bullish move in XRP could have broader implications for the cryptocurrency market.
$XRP is breaking out of a 6 year downtrend. Historically, whenever $XRP breaks out, we see $ETH rise shortly after, followed by $BTC weakness (chop/decline). I wouldn't be surprised to see an alt season within the next few weeks.
S/O to @btcbalo for charting it first. pic.twitter.com/aobsSzfbcZ
— CryptoData (@TheCryptoData) July 31, 2024
Recent Surge In Holders Shows Massive Accumulation Ongoing
The recent surge in large XRP holders indicates accumulating interest, which could be a precursor to a significant price movement. As these investors continue to accumulate, the likelihood of a breakout increases, potentially driving the price above the critical $0.90 resistance level.
If XRP achieves this breakout, it would mark a significant shift, potentially leading to a new bullish phase for the asset. Traders and investors are closely monitoring these developments, as a breakout could signal a broader market shift. This could positively impact Ethereum while possibly causing some weakness in Bitcoin.
In summary, XRP’s prolonged consolidation within a symmetrical triangle, coupled with the recent increase in large holders, suggests a potential bullish breakout. Surpassing the $0.90 mark could lead to notable gains for XRP and influence the broader crypto market, with Ethereum likely benefiting and Bitcoin potentially experiencing some decline.
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
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