XRP Might Have Another Chance of Claiming a New Record High
XRP might have another chance of claiming a new record high, with technical indicators suggesting the asset is primed for a breakout. Specifically, the token is consolidating within a bullish setup that could pave the way for significant gains in the coming weeks, according to insights shared by analyst Ali Martinez in an X post on August 16.
To this end, XRP has been consolidating within a symmetrical triangle, a pattern that signals a potential breakout as price compresses between converging trendlines. A move higher would likely draw in new buyers and fuel fresh momentum.
Currently, XRP is hovering around the $3.10 level. A breakout above $3.26 would confirm the bullish momentum, potentially propelling the token toward $3.90, just shy of the psychological $4 mark.
This technical setup could come as a relief for XRP investors, considering the asset has recently witnessed massive capital outflows in line with broader market sentiment. On one occasion, XRP shed over $10 billion in a single day. Despite this downturn, large investors are showing confidence in the asset.
As reported by Finbold on August 15, XRP whales purchased 120 million tokens on that day alone, adding to an earlier 320 million XRP haul. In total, 440 million XRP were absorbed in under a week.
Historically, such whale accumulation has often preceded trend reversals, suggesting whales may be positioning for a rebound.
At press time, XRP was trading at $3.11, down 0.14% in the last 24 hours and more than 6% lower on the weekly chart.
Despite these losses, XRP remains above its 50-day SMA of $2.91 and well above the 200-day SMA of $1.93. This alignment reflects a clear bullish trend, as shorter-term momentum continues to outperform the long-term average.
Meanwhile, the 14-day RSI at 50.78 sits near the neutral zone, indicating that XRP is neither overbought nor oversold.
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