Ripple Breaking Out or Breaking Down? The Catch Behind XRP’s Latest Technical Shift

Ripple’s cross-border token made several breakout attempts to surge past the upper boundary of its consolidation range, but it was stopped at between $1.50 and $1.60 every time.

Now, though, Ali Martinez claimed that XRP’s breakout has been confirmed. However, it’s not what the bulls expect and hope for.

Breakout Confirmed?

After spending months trading sideways mostly between $1.35 and $1.50, the popular altcoin’s latest breakout attempt came last week when it surged above the upper boundary and tapped $1.55. Analysts were once again convinced that its run had begun, but the reality was different. XRP was stopped immediately at that level and driven south to its starting point of $1.40 within hours.

It nosedived once again on Friday and Saturday, alongside the rest of the market, amid rising fears that the ceasefire between the US and Iran might end soon with new attacks. XRP dipped below $1.30 for the first time since early April, marking a multi-week low, while the overall network usage showed a substantial decline.

Ali Martinez’s new post on the token’s price performance came during this crash, saying “XRP is breaking out” as the token had breached the rising trend line of a symmetrical triangle on the daily chart. He predicted a further drop to as low as $1.14.

However, the peace deal progress between the US and Iran pushed the entire market north in the following hours. XRP was no exception, as it jumped to $1.36. Nevertheless, it still trades below the lower boundary of the symmetrical triangle outlined by Martinez.

They Disagree

CRYPTOWZRD posted a different perspective on XRP’s price moves, indicating that it had actually closed bullish on the daily chart. However, they added that it needs to reclaim the $1.40 resistance before there’s a chance for a more profound rally.

Fellow analyst CW brought up a chart demonstrating that the top traders on Binance have started to close their short XRP positions and replace them with longs. They concluded that whales “are ending their XRP bearish bets.”

The post Ripple Breaking Out or Breaking Down? The Catch Behind XRP’s Latest Technical Shift appeared first on CryptoPotato.