Technical analyst Rupert, host of the Allincrypto podcast, emphasized a large bullish setup that could steer the cryptocurrency on a long rally. According to its latest analysis shared on social media, the graph of XRP forms a structure that points to a possible price target of $ 19.27, where the move is supported by the breakout of the late 2024 and its Current positioning below His previous time high.
Outbreak of long -term triangular formation
XRP has Usually trade -in $ 2.80 in the past week, ranging between $ 2.77 and $ 3.02. The Cryptocurrency has succeeded in breaking above The barrier of $ 3 in the most recent 24 -hour period with a profit of around 3.9%.
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From a broader perspective, XRP’s latest price promotion is part of a much larger story that has been unfolding since the end of 2024. The shorter timetables at higher timetables show that the cryptocurrency is currently consolidating just below the former of 2018.
In particular technical analysis of a longer period of time on the two -week candlestick, that was Posted by rupert on xShow that XRP now consolidates after the outbreak of a multi -year triangle formation that dates from the end of 2024.
He noted that his team had predicted an outbreak of this formation almost two years ago, and since then, XRP has achieved more than 400% profit of that first prediction. However, XRP is now back in the zone of his 2018 all time after reaching $ 3.65 in July, and this level now acts as a resistance.
In his video, Rupert noted that it is common for assets to block or withdraw something after testing such important levels. That is why the way XRP consolidates is less a sign of weakness and more a set -up for continuation. He also noted that the graph is forms in one cup and handle formation, another bullish pattern that contributes to the possibility of another strong rally.
Path to $ 19.27 still on the right track
Looking at the larger whole, Rupert noted that the triangular projection still points to a target of $ 19.27. The price not only confirms that, with regard to the direction, the way in which XRP is traded on the smaller time frames and how it has interaction with an important level of significance on the previous of all time, in fact tells that it is further upside down.
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Moreover, he indicated that Attach signals of the Total Altcoin market capitalization (total 3) strengthen the bullish scenario. This is important because the total Altcoin market capitalization has registered its highest monthly closure ever in August. So long XRP Bulls maintains its price Above $ 2.8 to $ 3, then it is still on schedule to reach the projected price target of $ 19.27.
At the time of writing, XRP acts at $ 3.02, an increase of 3.9% in the last 24 hours.
Featured image of Getty Images, Chart van TradingView.com