Key Takeaways:
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XRP Whales continues to accumulate in dips, boosting opportunities to recover.
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XRP prices must hold above $ 2.70 support to continue upside down towards $ 4.
XRP (XRP) The price showed strength on Wednesday, up to 6.8% from the lows of Monday around $ 2.70 while entrepreneurs sued the latest sale following an overleveraged market.
A strong technical setup and onchain data show that the XRP/USD pair preceded for a recurrence towards $ 4.
XRP Symmetrical Triangle Pattern Eyes 42% Rally
Data from Cointelegraph Markets Pro and Tradingview Showing the XRP that bounces -into the lower trend of a Symmetrical triangle In the day -to -day frame of time, as shown in the chart below.
A symmetrical triangle chart pattern is a technical formation in which the price is combined between the two converted trendlines, forming a triangle. This indicates indecision, with a reduction of volatility, often preceded by a breakout.
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In the case of XRP, an upward breakout above the triangle resistance line at $ 3 can signal a recurrence. Such a move can open the way to the measured triangle target at $ 4.08, which represents a 42% climb from the current levels.
Before reaching the target, the bulls had to overcome the resistance from $ 3.40 and the Eight people high in $ 3.66.
Zooming in, entrepreneurs and analyst casitrades pointed out that the XRP has created a “massive wick up to a double bottom near $ 2.70” on the four-hour chart.
“A double bottom like this still fits within a valid number of wave 2, as long as the price holds above $ 2.70,” he Says On an X post last Tuesday.
For casitrades, the key levels to watch on the downside are the immediate support of $ 2.79 and the recently less than $ 2.70. A drop below this level will bring $ 2.58 photo support.
“Looking above, the next major target resistance is $ 4.00 and $ 4.40,” based on Fibonacci’s extension levels, the businessman said, added:
“The market is preparing for a major trend shift.”
Bullish outlook is a glass of crypto analyst Cryptobull, who said XRP prices can rally at $ 5 In October if it breaks into a bull flag pattern.
Can the whale XRP accumulation burn?
There are many indicators Show that the XRP price may continue its uprising despite possible fears of further losses following Monday’s sale.
For example, the Santiment supply distribution measurement shows a stable increase in supply held by creatures with 1 million -10 million token balances over the past few days. These addresses now hold 6.77 billion XRP, after sees 30 million more tokens between Monday and Tuesday. This represents 11% of the total supply of XRP that is transferring.
In other words, most whales did not sell this week to $ 2.70 but accumulated XRP, suggesting that they were confident in further price increases.
By buying dips, these large creatures can reduce the sale of pressure and create a floor for the price, encouraging smaller retail investors to follow the suit.
Meanwhile, changing the position of the Net Holder of the XRP has been strongly positive since August 22. This change has followed a stretch of red flows on July and early August, which at the same time earning revenue after $ 3.66 multi-year highs.
The above chart shows that many XRP accumulations occur at $ 2.70- $ 3, indicating that investors are positioning for upside down than market release.
It also explains why they are important levels to watch XRP traders move forward.
This article does not contain investment advice or recommendations. Every transfer of investment and trading involves risk, and readers should conduct their own research when deciding.
