- XRP price broke a symmetrical triangle pattern on November 2.
- The retest of $1,137 confirms the start of a rally to $2.
- A break of $1.05 support will invalidate Ripple’s bullish thesis.
Ripple (XRP) price action over the past two months has been lackluster, to say the least. On November 2, this outlook changed when Ripple bulls broke through a crucial resistance barrier that initiated a potential bullish rally.
XRP price reveals bullish signs
Since August 8, the XRP price has made many higher highs and lower lows. Additionally the creation of a symmetrical triangle is revealed by connecting these locations with trendlines. By adding the distance between the first high and the first low to the breakout point at $1.1, this technical pattern anticipates an 80 percent upside to $1.97.
Despite the fact that XRP price breached the pattern’s upper trendline, a daily close above the 50% Fibonacci retracement at $1.13 lends confidence to the rise. As a result, investors should expect Ripple to continue its ascent to $1.41, the next important barrier.
If buyers can drive the price of XRP over this level and keep it there, it will be a huge step forward in the march to $2.
Upswing might extend to Fibonacci 161.8 percent extension at $2.3
The upswing might extend to the 161.8 percent Fibonacci extension at $2.32, extending the rise to $2. In a strongly optimistic scenario, XRP might retest the psychological $3 barrier or reach all-time highs of $3.31.
While the price of XRP appears to be optimistic, it has to stay above the $1.13 support to have any chance of rallying. A breach of this threshold will result in the token falling to $1.05. Buyers may try to make a comeback here. The bullish symmetrical triangle thesis will be invalidated if the price closes below this level on a daily basis.