Recent analysis of the XRP/BTC pair indicates an impending period of heightened volatility, according to cryptocurrency analyst Crypto Michael (@MichaelXBT). Michael unveiled intricate patterns suggesting the digital asset is on the verge of a substantial price shift.
His analysis highlights a series of technical formations that have developed since mid-July, including converging trend lines and wedge patterns. These structures comprise descending and symmetrical triangles pointing to compression in its price movement against Bitcoin.
XRP/BTC looks ready for a huge squeeze pic.twitter.com/O0lzuHbTCZ
— Crypto Michael (@MichaelXBT) September 8, 2024
Key Technical Indicators On the XRP/BTC Chart
The formation of these patterns began following a notable surge in XRP’s value relative to Bitcoin from July 10 to July 13. During this period, XRP rose from 0.00000752 BTC to 0.00000962 BTC.
Subsequently, the digital asset has gradually been reclaiming lost ground against Bitcoin, albeit at a slower pace, resulting in the formation of an upward symmetrical triangle pattern.
At the time of press, XRP is trading at $0.5313, up 0.80% over the past 24 hours. This shows a slight recovery, gradually building since its decline to $0.51.
The convergence of trendlines in Michael’s chart also indicates that XRP has consistently tested resistance levels while maintaining a long-term upward support trend. This pattern is interpreted as a sign of underlying bullish sentiment in the market.
Michael has also previously expressed optimism regarding XRP’s future performance. He recently revealed a crucial level the asset has to surpass to begin a hand pump.
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An Impending XRP Surge
Michael also recently analyzed XRP’s potential ascent through a 7-year pennant resistance. This historical barrier has consistently impeded XRP’s upward momentum. However, the analyst believes that a breakthrough of this resistance level is coming and will likely trigger a significant price surge.
In his recent analysis, Michael also highlighted the formation of a huge squeeze for the digital asset. This phenomenon occurs when price fluctuations become increasingly constrained, often preceding a period of increased volatility. The analyst’s observations indicate that XRP is approaching such a juncture, with the potential for a significant breakout in either direction.
Other analysts have noticed a similar phenomenon, particularly in XRP’s Bollinger Bands which have reached a historically tight level. Experts also expect a massive breakout from this, similar to the 2017 rally that sent it to its all-time high of $3.84 in January 2018.
Disclaimer: This content is meant to inform and should not be considered financial advice. The views expressed in this article may include the author’s personal opinions and do not represent Times Tabloid’s opinion. Readers are urged to do in-depth research before making any investment decisions. Any action taken by the reader is strictly at their own risk. Times Tabloid is not responsible for any financial losses.
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