In a recent technical <a href="https://twitter.com/egragcrypto/status/1729750730234368108" target="_blank" rel="noopener nofollow">analysis</a> published by crypto analyst Egrag, an inverse head and shoulders (H&amp;S) formation has been identified on the XRP/USD chart, indicating a potential bullish reversal in the near term. The pattern, which has been forming over the last two weeks, suggests that XRP could be setting up for a significant price jump. 
<h2 id="xrp-price-poised-for-imminent-20-jump">XRP Price Poised For Imminent 20% Jump?</h2> 
The chart by Egrag showcases the XRP price action in a 4-hour time frame, where it has been trading within a descending channel (blue) since the beginning of November. A descending channel is typically considered a bearish pattern. 
<img loading="lazy" decoding="async" class="wp-image-562952 size-full" src="https://www.newsbtc.com/wp-content/uploads/2023/11/aaaaaaaaaaaa.png?resize=1281%2C557" alt="XRP price analysis" width="1281" height="557" srcset="https://www.newsbtc.com/wp-content/uploads/2023/11/aaaaaaaaaaaa.png?resize=1281%2C557?w=1281 1281w, https://www.newsbtc.com/wp-content/uploads/2023/11/aaaaaaaaaaaa.png?resize=1281%2C557?w=460 460w, https://www.newsbtc.com/wp-content/uploads/2023/11/aaaaaaaaaaaa.png?resize=1281%2C557?w=768 768w, https://www.newsbtc.com/wp-content/uploads/2023/11/aaaaaaaaaaaa.png?resize=1281%2C557?w=860 860w, https://www.newsbtc.com/wp-content/uploads/2023/11/aaaaaaaaaaaa.png?resize=1281%2C557?w=750 750w, https://www.newsbtc.com/wp-content/uploads/2023/11/aaaaaaaaaaaa.png?resize=1281%2C557?w=1140 1140w" sizes="(max-width: 1000px) 100vw, 1000px" data-recalc-dims="1"> 
However, last Wednesday, the XRP price broke out of the descending channel. While the breakout didn’t hold up and ended up being a fake-out, it paved the way for the emergence of the inverse H&amp;S pattern which is now changing the momentum in favor of the bulls. 
Technically, the inverse H&amp;S pattern is distinguished by two smaller peaks (shoulders) on either side of a larger trough (head), which is evident from the chart’s annotations. The left shoulder formed around the $0.586 support level, with the head dipping as low as $0.574, before rising to form the right shoulder at $0.593. 
This pattern is indicative of a bearish trend losing momentum and a potential bullish reversal if the pattern completes. Egrag’s analysis points to key price levels to watch, with the neckline of the inverse H&amp;S pattern sitting at approximately $0.6289. 
A decisive breakout above this resistance level could see XRP prices rally towards the $0.7000 mark, which aligns with the pattern’s predicted breakout target. Beyond this, the analyst’s target sits at $0.7311, which marked the beginning of the descending channel. A rally to this price level would represent a 20% increase from the current XRP price. 
It is crucial to note that while the inverse H&amp;S pattern suggests a bullish outcome, the validity of the pattern will only be confirmed upon a clear break and closure above the neckline. As always, while the technical setup is constructive for XRP bulls, market participants should consider various factors, including market sentiment, news flow, and broader market trends. 
In a bearish scenario where the inverse head and shoulders pattern is invalidated, the XRP price could move towards the trend line of the descending channel. In his chart, Egrag marks $0.5564 and $0.53 as crucial support levels for the XRP price where a reversal could take place. 
At press time, XRP traded at $0.61348. On the 1-day time frame, the 0.382 Fibonacci retracement level at $0.628 remains the key resistance level in the short-term. 
<img loading="lazy" decoding="async" class="wp-image-562953 size-full" src="https://www.newsbtc.com/wp-content/uploads/2023/11/XRPUSD_2023-11-29_08-52-25.png?resize=3628%2C1673" alt="XRP price " width="3628" height="1673" srcset="https://www.newsbtc.com/wp-content/uploads/2023/11/XRPUSD_2023-11-29_08-52-25.png?resize=3628%2C1673?w=3628 3628w, https://www.newsbtc.com/wp-content/uploads/2023/11/XRPUSD_2023-11-29_08-52-25.png?resize=3628%2C1673?w=460 460w, https://www.newsbtc.com/wp-content/uploads/2023/11/XRPUSD_2023-11-29_08-52-25.png?resize=3628%2C1673?w=768 768w, https://www.newsbtc.com/wp-content/uploads/2023/11/XRPUSD_2023-11-29_08-52-25.png?resize=3628%2C1673?w=860 860w, https://www.newsbtc.com/wp-content/uploads/2023/11/XRPUSD_2023-11-29_08-52-25.png?resize=3628%2C1673?w=1536 1536w, https://www.newsbtc.com/wp-content/uploads/2023/11/XRPUSD_2023-11-29_08-52-25.png?resize=3628%2C1673?w=2048 2048w, https://www.newsbtc.com/wp-content/uploads/2023/11/XRPUSD_2023-11-29_08-52-25.png?resize=3628%2C1673?w=750 750w, https://www.newsbtc.com/wp-content/uploads/2023/11/XRPUSD_2023-11-29_08-52-25.png?resize=3628%2C1673?w=1140 1140w, https://www.newsbtc.com/wp-content/uploads/2023/11/XRPUSD_2023-11-29_08-52-25.png?resize=3628%2C1673?w=3000 3000w" sizes="(max-width: 1000px) 100vw, 1000px" data-recalc-dims="1">

XRP Price Set For 20% Leap In Coming Days: Crypto Analyst

목차

NewsBTC

2023년 11월 29일에 게재된 다른 기사

UK Introduces New Tax Rules for Cryptocurrency Users

The Cryptocurrency Wave: A Contender for 100x Growth Shaking Up Ethereum (ETH) Enthusiasts

Understanding the Surge in Short Positions for Two Popular Altcoins

Bitcoin Spot ETF: SEC Delays Fail To Stop BTC As Price Clears $38,000

Aave Price Prediction: What Should Investors Anticipate?

FSB Proposes Stringent Global Crypto Regulations to Curb Wire Fraud and Scams

무료 뉴스레터에 가입하여 매일 최신 암호화폐 소식을 받아보세요!