3 signs suggesting that the XRP price boom may continue in Q4 2022
A mix of on-chain, fundamental and technical indicators point to a big rally in XRP prices underway.
Altcoin Watch
XRP (XRP) has made sizable gains over the past month as traders continue to show confidence in Ripple's legal victory against the United States Securities and Exchange Commission (SEC).
>For example, the price of XRP rose 25% thirty days after Ripple and the SEC demanded an immediate ruling on whether or not XRP sales violated US securities laws. In comparison, Bitcoin (BTC) and Ether (ETH) were down 4% and 11% respectively over the same period.
XRP/USD against BTC/USD and ETH / Daily price chart USD. Source: TradingViewNow a host of indicators, ranging from channel to technical, suggest that XRP may continue its uptrend into 2023.
XRP price "bull pennant"Bullish pennants are bullish continuation patterns that form when price consolidates in a triangle-shaped range after a strong upward move. In other words, they resolve after the price breaks out in the direction of its previous uptrend.
On the daily chart, XRP has been moving in a similar technical structure since late September, as shown below. While there, the token also attempted to break above the pennant twice, but was unsuccessful. He is now considering another escape in the next few days.
XRP/USD daily price chart with pennant of bull. Source: TradingViewTheoretically, a breakout of the bullish pennant increases the price by as much as the size of the previous uptrend. Therefore, the breakout of XRP's bullish pennant may push the price towards $0.63 in Q4 2022.
That would mean a 35% price hike.
Heavy Buildup Detected
A mix of on-chain, fundamental and technical indicators point to a big rally in XRP prices underway.
Altcoin Watch
XRP (XRP) has made sizable gains over the past month as traders continue to show confidence in Ripple's legal victory against the United States Securities and Exchange Commission (SEC).
>For example, the price of XRP rose 25% thirty days after Ripple and the SEC demanded an immediate ruling on whether or not XRP sales violated US securities laws. In comparison, Bitcoin (BTC) and Ether (ETH) were down 4% and 11% respectively over the same period.
XRP/USD against BTC/USD and ETH / Daily price chart USD. Source: TradingViewNow a host of indicators, ranging from channel to technical, suggest that XRP may continue its uptrend into 2023.
XRP price "bull pennant"Bullish pennants are bullish continuation patterns that form when price consolidates in a triangle-shaped range after a strong upward move. In other words, they resolve after the price breaks out in the direction of its previous uptrend.
On the daily chart, XRP has been moving in a similar technical structure since late September, as shown below. While there, the token also attempted to break above the pennant twice, but was unsuccessful. He is now considering another escape in the next few days.
XRP/USD daily price chart with pennant of bull. Source: TradingViewTheoretically, a breakout of the bullish pennant increases the price by as much as the size of the previous uptrend. Therefore, the breakout of XRP's bullish pennant may push the price towards $0.63 in Q4 2022.
That would mean a 35% price hike.
Heavy Buildup DetectedWhat's Your Reaction?
