- XRP price is testing the top of a descending triangle pattern on the 12h chart.
- A confirmed breakout above $3.03 could trigger a move toward $3.60.
- XRP reclaimed the 0.786 Fib level at $2.87, signaling growing bullish momentum.
XRP price is trading on bullish trends as it heads to the peak of a descending triangle. Price has regained major Fibonacci afterwards such as the 0.786 of $2.87 and is currently testing the resistance at around $3.03. Breakout of this zone would give way to further targets, and $3.60 will be the focus. The recent higher lows and tightening consolidation indicate that there is mounting pressure on an upward movement in the short run.
XRP Price Eyes $3.60 as Descending Triangle Breakout Looms
Crypto analyst Ali Charts believes that XRP price is about to experience a major breakout following a descending triangle formation. According to his latest 12-hour chart analysis, Ali indicates that, should XRP manage to break the top of the triangle resistance, the next resistance level would be the levels of $3.60- as it is a major level that corresponds to the top of the recent range and would be close to the 0.236 Fibonacci retracement level.
The current XRP price stands at $2.9847, gaining +0.54, and is approaching the declining trendline that has limited price movements since the end of July. The form is that of a falling wedge or a downward-sloping triangle which are usually regarded as bullish reversal patterns. XRP already regained the Fibonacci at 0.786 level, which is at $2.87 showing a high buying demand.
The chart put forward by Ali is bullish and the breakout point of above $3.03 (0.618 Fib) could push XRP to $3.14 (0.5 Fib), and $3.25 (0.382 Fib) with a final target of $3.60. The dotted line on the chart indicates a stair-step rally formation, where each of the major Fib levels was consolidated and then followed.
Notably, the price has also built higher lows in early September, which suggests growing accumulation and strength. The $2.77-$2.82 zone is a key support level; a rebound off this point also underpins the Ali bullish hypothesis.
Read Also:
