The largest cryptocurrency by market cap, which is currently inching closer to $48k, has gained 14 percent in the last week and 4% in the last 24 hours.
Bitcoin, on the other hand, has recovered almost all of its year-to-date losses, and has now touched the year’s high of $47.9k.
The entire crypto market is on a positive trajectory as a result of Bitcoin’s recent outstanding performance. Almost all of the major coins are now trading in the green.
Is XRP price ready to take off?
The current price of XRP is the highest it has been since February 10th, when it hit $0.89. And it appears that this is where the opposition lies. While XRP has a support level of $0.83, it is now being contested at $0.90.
Since December 21, 2021, the price of XRP has formed three lower lows and two higher lows, which when joined using trend lines formed a symmetrical triangle. By adding the distance between the first swing high and low to the breakout point, this pattern predicts a 46 percent upswing.
This approach also suggested that the price of XRP is likely to return to the $1.20 level. The bulls must, however, maintain their position above the symmetrical triangle’s upper trendline in order for this move to be possible. Furthermore, the altcoin must cut through the psychological level of $1 and turn it into a support level.
As a result of this scenario, the price of XRP will be able to retest $1.20, which is the symmetrical triangle target. If the purchasing pressure persists, the remittance token will attempt to break through the $1.61 barrier, pushing the entire run-up to 97 percent.
At the time of writing XRP is trading at $0.89 and is up by more than six percent in the last 24 hours.
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