Anticipating XRP Price to Break Out of Triangle Formation

By Gapster Innes Oct 3, 202341Views

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XRP price experienced a decline after investors took advantage of the approval of the first Ethereum futures ETFs in the United States. The cryptocurrency briefly reached a high of $0.55 before entering a correction phase and currently trades at $0.5125. The XRP community has been eagerly waiting for the token to surpass the $1 mark, but previous attempts have been met with declines. Despite speculation that XRP price would rally during Ripple’s “Proper Party” event in New York, no major announcements were made. Instead, investors focused on the launch of Ethereum futures ETFs. However, there is still hope for XRP to reach $1 if it breaks out of a symmetrical triangle pattern and maintains support at $0.5. The Moving Average Convergence Divergence (MACD) indicator supports a bullish outlook for XRP price, and there is potential for a 27% rally to $0.67 if a breakout occurs. However, traders should be cautious as a break below support could lead to a significant sell-off.

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Gapster Innes

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