Investors in Ripple Labs and its native coin, XRP, have been waiting for the digital asset to cross over to $1. Now, XRP could gross above $100
As XRP continues to trade within a narrow range, investors are left wondering what it will take for the digital asset to rally to $100. While some believe that an XRP ETF could propel the coin to new heights, others argue that a broader adoption of XRPL by international trades could pave the way for XRP to reach triple-digit prices.
A recent analysis of XRP’s price action on a logarithmic scale reveals a descending triangle pattern that has been forming since September. The apex of this triangle is situated around $0.55, coinciding with the September highs.
If XRP manages to break out of this descending triangle to the upside, it could indicate a potential move towards the highs of August, which are around $0.65. However, if the coin fails to cross this resistance and falls below $0.45, it could signal a further decline.
On a broader time frame, XRP has been on a downtrend since April 2021, following a rally that took the coin to an all-time high of $1.96. This downtrend is evident on the weekly chart, with XRP prices gradually declining within a descending channel.
The upper trendline of this channel acted as resistance during several attempts by XRP to break out, while the lower trendline provided support as the coin faced selling pressure.
However, XRP eventually broke out of this descending channel in September 2022, indicating a potential shift in momentum. This breakout was followed by a rally that brought XRP to highs of $0.60 before facing resistance and sliding back down.
If XRP manages to cross the resistance at $0.55 and rally to the highs of August, it could encounter further resistance at the upper trendline of the descending channel, which is currently around $0.65.
Breaking above this resistance could open up the possibility for XRP to continue rallying towards higher levels, potentially reaching triple-digit prices if the momentum and market conditions align.
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