XRP Price Flashes Buy Signal After Breaking Out, Eyes $3 Run

The Ripple (XRP) price has officially broken out from a multi-month descending triangle that has kept it trapped since January.

In the ever-shifting landscape of cryptocurrencies, a breakout can spark a wave of interest and trading activity. As the broader crypto market continues to recover, many eyes are turning towards the next altcoin that might join Bitcoin and Ethereum in making a substantial move.

According to crypto analyst Crypto Candy, who is known online for his insights into cryptocurrency trends, XRP could be the next large-cap altcoin to rally.

After several months of sideways movement and a descending triangle formation, Ripple (XRP) appears to be breaking out on the daily chart. This breakout could be a key factor to watch as it might set the stage for the next leg of XRP’s rally in 2024.

"Don't forget about XRP. Still good time to load some and hold.

BTC and ETH had their runs. Now it's XRP's turn. Breaking out of the triangle on the daily chart. Could be the next large cap altcoin to rally."

After several months of sideways movement and a descending triangle formation, Ripple (XRP) appears to be breaking out on the daily chart. This breakout could be a key factor to watch as it might set the stage for the next leg of XRP’s rally in 2024.

After a multi-month descending triangle formation, the cryptocurrency broke out on Friday, surging past key resistance around $2.40. This move is confirming the breakout with growing bullish volume.

Many traders are noting that XRP is now breaking out on the daily chart and it might be the next large-cap altcoin to rally after Bitcoin and Ethereum made their moves.

“Don’t forget about XRP. Still good time to load some and hold.

BTC and ETH had their runs. Now it’s XRP’s turn. Breaking out of the triangle on the daily chart. Could be the next large cap altcoin to rally.”

The triangle formation had been compressing XRP price for several weeks, and this breakout looks clean. The green zone between $2.00 and $2.22 had acted as strong support during the consolidation phase.

Now, the move above the triangle opens the door to targets between $2.93 and $3.39, with the risk-to-reward setup looking favorable. The daily chart reflects this potential as buyers stepped in just above the 200-day moving average and the previous resistance flips into support.

Chart: SuperTrend Flashes Buy Signal

Popular on-chain analyst Ali pointed out that the SuperTrend indicator has just flashed a new buy signal on the daily chart.

This is a key technical signal often watched by crypto traders as it combines volatility and trend direction to help identify moments when an asset may shift into bullish or bearish territory.

Looking at Ali’s chart, the signal came as XRP successfully flipped the shaded resistance zone into a support level. The SuperTrend had last flashed a sell signal back in March, which aligned with the previous drop.

This fresh “Buy” signal could be the start of a new upward phase for the Ripple price.

From a momentum standpoint, XRP just reclaimed critical levels and is building up bullish structure with higher lows and now a confirmed breakout. If volume continues to build and the broader market maintains its strength, XRP could realistically test the $3 mark in the coming weeks.