XRP Forms A Bullish Pattern In 4-Hour Chart – Analyst Expects $4.20 After Breakout

Source Newsbtc

XRP is currently at a critical juncture, trading at a key level after breaking its all-time high just eight days ago. Despite the market’s inherent volatility, price action remains robust, fueling optimism among investors and analysts. As the broader crypto market enters a bullish phase, XRP is gaining attention as a potential leader in the next major rally.

Market sentiment is growing increasingly positive, with analysts predicting a massive move into price discovery. Among them, crypto expert Carl Runefelt has shared an intriguing technical analysis on X, highlighting a bullish setup for XRP. According to Runefelt, the price is forming a bullish pennant pattern on the 4-hour timeframe, a classic indicator of potential upward continuation. This pattern suggests that XRP is consolidating before a significant breakout, which could propel the price into uncharted territory.

As excitement builds, investors are watching closely to see whether XRP can sustain its momentum and capitalize on the bullish market environment. A breakout from the bullish pennant could confirm XRP’s trajectory toward new milestones, reinforcing its position as one of the market’s most dynamic assets. 

XRP About To Enter Price Discovery

XRP is on the verge of entering price discovery as the broader crypto market signals a bullish rally. Following a strong pump in early November, XRP’s price action has remained resilient, fueling optimism for substantial gains in the months ahead. As the market flirts with a decisive phase, XRP continues to stand out as a top contender for life-changing returns for investors and traders.

Renowned crypto analyst Carl Runefelt has shared an insightful technical analysis on X, highlighting a bullish setup for XRP. According to Runefelt, the price is forming a bullish pennant pattern on the 4-hour timeframe, a classic indicator of potential upward continuation. Based on this setup, Runefelt has set a price target of $4.20 in the coming weeks, aligning with broader expectations of a market-wide rally.

XRP forming a 4H bullish pennant | Source: Carl Runefelt on X

The bullish pennant suggests that XRP is consolidating before its next major move. If the pattern holds, the breakout could propel XRP into uncharted territory, confirming its position as a leading asset in this market cycle.

As the market gears up for a potentially explosive phase, XRP is well-positioned to capitalize on the momentum. With its strong price action and favorable technical setup, XRP has the potential to deliver significant returns. Investors and traders are closely watching as XRP prepares for its next move, with anticipation building for what could be a pivotal rally.

Price Testing Critical Levels

XRP is currently trading at $3.19, following a massive surge above its previous all-time high last week. The recent price action highlights XRP’s strength as it continues to attract investor interest during this bullish phase. However, the asset has entered a brief consolidation phase, which could signal preparation for its next move.

XRP price showing strength | Source: XRPUSDT chart on TradingView

For bulls to maintain momentum and sustain the uptrend, reclaiming the $3.25 resistance level is critical. Breaking above this mark would likely reignite buying pressure and pave the way for another push toward new all-time highs. Achieving this would reinforce the bullish structure and solidify XRP’s position as one of the market’s top-performing assets.

Conversely, holding above the $3.05 support level is equally important to confirm the ongoing trend. This level has become a key line of defense, and a breakdown below it could signal weakness, potentially leading to a deeper correction and testing lower demand zones.

As XRP consolidates, investors are closely monitoring these crucial levels. A breakout above $3.25 or a strong defense of $3.05 will provide clearer direction for XRP’s next move. The coming days will be pivotal in determining whether XRP can sustain its bullish momentum or face temporary headwinds.

Featured image from Dall-E, chart from TradingView

Disclaimer: For information purposes only. Past performance is not indicative of future results.
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