After massive sell-off, XRP just flashed signal for 30% move

After enduring a sharp sell-off in recent sessions alongside broader market sentiment, XRP is showing early signs of a potential trend reversal, with technical indicators pointing to a possible 30% price move.

Analysis of the four-hour chart suggests that XRP had been consolidating within a symmetrical triangle pattern, a formation typically associated with tightening price action before a decisive breakout, according to insights shared by Ali Martinez in an X post on March 28.

XRP price analysis chart. Source: Ali Martinez

The structure, defined by a series of lower highs and higher lows, reflects a market caught between weakening bullish momentum and diminishing selling pressure. 

Notably, price action recently approached the apex of the triangle, hovering near the $1.34 to $1.36 range after failing to sustain a move above the upper resistance trendline near $1.50. 

The repeated rejections at higher levels, combined with declining volatility inside the pattern, suggest that a breakout was increasingly likely as the range narrowed.

Notably, XRP now appears to be breaking out of its consolidation pattern, signaling a potential shift in momentum following the broader market downturn. 

Such symmetrical triangle breakouts often lead to strong price expansion, with the move typically matching the pattern’s height, suggesting a possible 30% swing from the breakout level.

XRP price remains fragile

However, XRP sentiment remains fragile. The recent drop from around $1.50 to the mid-$1.30s points to a persistent selling pressure, even as XRP attempts to establish a new trend. 

If the breakout holds, the cryptocurrency could reclaim key resistance levels and revisit pre-correction highs. 

Conversely, failure to sustain momentum above the breakout zone could invalidate the setup, exposing XRP to further downside toward $1.28 or lower.

Overall, XRP has continued to trade under pressure this week. By press time, the asset was valued at $1.33, having declined about 0.65% in the past 24 hours. 

XRP seven-day price chart. Source: Finbold

On the weekly timeframe, the asset is also down 4.5%. The token has been trading in a tight range between $1.33 and $1.35 in the short term, showing limited volatility but clear short-term bearish momentum. 

Featured image via Shutterstock

Source: https://finbold.com/after-massive-sell-off-xrp-just-flashed-signal-for-30-move/