Without a doubt, XRP has turned out to be one of the best-performing digital assets in the entire crypto landscape, surpassing the expectations of the general public. XRP is among the few coins that have achieved a new all-time high in the ongoing bull cycle, cementing its position as a leading asset in the financial sector.
Key Chart Pattern To Propel XRP To Uncharted Territory
XRP seems to be on the verge of a bullish breakout, which might push the altcoin to a new all-time high. Seasoned technical expert and trader Javon Marks made the bold prediction after citing the appearance of a crucial chart pattern, capturing the attention of investors.
His forecast comes as the asset surpasses its previous peak, demonstrating resilience in the ongoing cycle. Given strong technical indicators are aligning and market momentum is gaining traction, XRP shows the potential for a significant upward move.
Delving into the asset’s price action in the 2-hour time frame, Javon Marks highlighted that it appears to be in a bullish pattern, particularly the bull flag formation. With confirmed bullish patterns, the expert claims a positive breakout may be on the horizon.
Once a breakout occurs, the development could propel the altcoin to the pivotal $4 level, marking a new all-time high. However, Marks is confident that a much bigger increase might be in the works since other setups are calling for price levels beyond $10.
Marks is optimistic about a bullish breakout for XRP despite the asset facing heightened volatility, pushing it back to previous support levels. This breakout could reignite upbeat momentum once again, attracting a significant portion of investors.
Addressing the recent pullback, the expert considers it a quick false breakdown as prices have swiftly rebounded. Currently, the altcoin has broken out to the upside of the bull flag pattern on a significant bullish volume.
As a result, Marks believes that prices may be gearing up for a massive spike, with the $4+ threshold in sight. In the meantime, XRP continues to struggle with bearish pressures, targeting the $3 support area that previously triggered positive movements.
Are Large Investors Considering Profit-Taking
XRP’s recent price surge to higher levels may have sparked a worrying shift among investors. Data reveals substantial transaction volumes sent to crypto exchanges, especially to the leading platform Binance.
In a quicktake post on the CryptoQuant platform, market analyst and author Woominkyu noted that the surge in whale transactions to crypto exchanges is reflected by the SMA line, which coincides with the altcoins’ dramatic increase to $3.2.
Considering past scenarios, the recent rise raises the possibility that large investors are positioning themselves for profit-taking. Thus far a close observation of these patterns can offer more insight into possible near-term price movements for XRP.
Featured image from Medium, chart from Tradingview.com
