XRP saw its price plunge over 70% amidst the fallout from the SEC’s ongoing lawsuit against Ripple Labs. However, signs of a potential trend reversal have emerged in recent weeks, with technical analysts identifying a textbook chart setup that could propel prices back toward critical resistance around $0.84.
Bump and Run Formation Signals Bullish Breakout
According to crypto trader taztrader, XRP’s price structure exhibits the early signs of a bullish bump and run reversal pattern. This setup entails an initial break above a key downtrend resistance, a retest of that broken trendline to confirm its new role as support, and finally a resumption upwards to target major overhead resistance.
Taztrader stated, “XRP looks to be on the verge of breaking out to the upside with a Bump and Run type chart.”
With XRP rallying from its 2023 lows to clear its former bearish trendline, taztrader believes the next leg toward horizontal resistance around $0.84 has likely already begun. Given the historically volatile price action associated with the Ripple token, he expects an accelerated move could materialize quickly.
Bolstering the bull case, taztrader also highlights constructive technical developments on key ratio charts – namely outperformance emerging against both Bitcoin and Ethereum. With altcoins showing tentative signs of bouncing, rotations into left-behind tokens like XRP may soon pick up pace. Sharing a timeline, Taz mentioned that the move to $0.84 could happen in the next 3–4 weeks.
Decisive Break Above $0.55 Validates Uptrend
Offering an additional layer of insight, altFINS points to a decisive break above the psychologically-key $0.55 mark that capped the XRP price. With this level now surpassed, improved technicals reflect increasing upside conviction.
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Namely, altFINS’ automated pattern recognition identifies a bullish breakout from the boundaries of a downtrend channel that can precipitate swift moves upwards. Initial upside potential of $0.68 translates to 24% prospective gains from breakout confirmation. While the long-term downtrend remains intact for now, the door appears open for XRP to surge.
For embattled XRP investors, the glimpses of renewal on the price charts provide vital relief. Still, the specter of SEC regulation continues to limit significant institutional adoption. Once legal uncertainties get resolved, the shackles may unlock for Ripple to regain its former luster.
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The post Ripple (XRP) on the ‘Verge of a Bump and Run Type Chart Breakout’: Analyst Shares Next Target And Timeline appeared first on CaptainAltcoin.
