For sure, XRP has turned out to be certainly one of the best-performing digital assets in all the crypto landscape, surpassing the expectations of most people. XRP is among the many few coins which have achieved a recent all-time high in the continuing bull cycle, cementing its position as a number one asset within the financial sector.
Key Chart Pattern To Propel XRP To Uncharted Territory
XRP appears to be on the verge of a bullish breakout, which could push the altcoin to a recent all-time high. Seasoned technical expert and trader Javon Marks made the daring prediction after citing the looks of an important chart pattern, capturing the eye of investors.
His forecast comes because the asset surpasses its previous peak, demonstrating resilience in the continuing cycle. Given strong technical indicators are aligning and market momentum is gaining traction, XRP shows the potential for a major upward move.
Delving into the asset’s price motion within the 2-hour timeframe, Javon Marks highlighted that it appears to be in a bullish pattern, particularly the bull flag formation. With confirmed bullish patterns, the expert claims a positive breakout could also be on the horizon.
Once a breakout occurs, the event could propel the altcoin to the pivotal $4 level, marking a recent all-time high. Nevertheless, Marks is confident that a much larger increase is likely to be within the works since other setups are calling for price levels beyond $10.
Marks is optimistic a couple of bullish breakout for XRP despite the asset facing heightened volatility, pushing it back to previous support levels. This breakout could reignite upbeat momentum once more, attracting a good portion of investors.
Addressing the recent pullback, the expert considers it a fast false breakdown as prices have swiftly rebounded. Currently, the altcoin has broken out to the upside of the bull flag pattern on a major bullish volume.
Consequently, Marks believes that prices could also be gearing up for a large spike, with the $4+ threshold in sight. Within the meantime, XRP continues to struggle with bearish pressures, targeting the $3 support area that previously triggered positive movements.
Are Large Investors Considering Profit-Taking
XRP’s recent price surge to higher levels could have sparked a worrying shift amongst investors. Data reveals substantial transaction volumes sent to crypto exchanges, especially to the leading platform Binance.
In a quicktake post on the CryptoQuant platform, market analyst and creator Woominkyu noted that the surge in whale transactions to crypto exchanges is reflected by the SMA line, which coincides with the altcoins’ dramatic increase to $3.2.
Considering past scenarios, the recent rise raises the likelihood that large investors are positioning themselves for profit-taking. To date an in depth statement of those patterns can offer more insight into possible near-term price movements for XRP.
Featured image from Medium, chart from Tradingview.com