XRP Price Broke Descending Triangle Pattern to Signal Bullish Conversion

The price of XRP broke out of a descending triangle pattern recently to indicate bullish conversion, with a sharp advance above $2.36. With this key breakout and a set of positive technical signals, the top crypto is ready for a sustained upward trend.

After months of trading in a limited range, XRP finally broke free from a descending triangle, a move that could propel the cryptocurrency towards the $6.39 mark as a key indicator flashes a buy signal and the wave structure aligns for a potential fifth wave.

XRP Price Triangle Breakout Sparks Bullish Sentiment

RXP recent price activity led to a strong breakout from a descending triangle, a shape that historically has been indictive of positive price movement.

This pattern, identified by crypto analyst JacktheRippler developed with a distinct downward trend towards lower highs forming around a flat support area at $1.79 over several months.

Notably, a breakout beyond the descending trendline, reinforced by robust volumes, indicates an important shift and puts XRP to break above the key $2.36 resistance. This is an indication that XRP price corrected the momentum and is ready for a further upward swing.

Furthermore, the breakout positioned XRP to aim at the $2.50 to $3.00 range with previous resistance levels that could be the next major barrier. This momentum shift aligned with increased bullish sentiment among traders, signaling a possible continuation of the upward trend in the coming weeks.

SuperTrend Buy Signal Adds to Bullish Case

Another critical indicator, the SuperTrend buy signal, has also recently shown a bullish signal as XRP price broke past the $2.34 limit. The SuperTrend, a widely used momentum indicator, shifts to a buy signal when the price breaks above its trailing stop level, indicating that buyers have regained control.

This confirmation reinforced the breakout trend and is further a confirmation of the expectation of future upward action.

Historically, SuperTrend signals often coincide with prolonged bullish trends, making this a notable development for XRP.

Analyst Ali Martinez pointed out that the bullish momentum will continue pushing XRP up toward the $3.00 level before hitting resistance levels at $4.00.

(Source: Ali Martinez on X)

Wave 5 Setup Targets $6.39

In addition to breaking out of the triangle and giving a SuperTrend buy signal, analyst Dark Defender noted that the XRP price is potentially in the first stage of forming an Elliott Wave 5 pattern. XRP weekly had a bullish setup according to Elliott Wave theory, indicating that the current uptrend could continue.

Additionally, the chart showed that XRP has recently completed a corrective Wave 4 near the $2.07 level. This correction respected the 38.2% Fibonacci retracement, a typical support level in Elliott Wave analysis, reinforcing the bullish outlook.

The recent upward movement and development of the Wave 5 suggest an imminent surge to the $5.85 to $6.39 range corresponding to the 200% Fibonacci extension. This range tracks closely with the historical resistance zones set out in 2018.

In addition, RSI on the weekly chart indicates an imminent bullish momentum, as the upward momentum has passed above a strong support line. This RSI shift supports the bullish Wave 5 projection.

If the buyers manage to maintain the price above the $2.00 region, it could create a multi-month rally in the market. However, if the sellers return and break the support, it could lead to a decrease in price to the $1.00 to $1.20 range.