XRP (CRYPTO: $XRP) has formed a bullish chart pattern known as a “triangle breakout.”
The XRP token is up 4% in the last 24 hours and trading at $1.14 U.S. as investors and traders chase a potential big move higher in the cryptocurrency.
Analysts say that XRP could vault as high as $1.35 U.S. following the formation of the triangle breakout pattern.
The token’s 24-hour range has been $1.08 U.S. to $1.14 U.S., giving it a market capitalization of $70.85 billion U.S.
A triangle breakout pattern is a technical analysis setup where an asset’s price consolidates between two converging trendlines before aggressively piercing through one of them.
The chart pattern typically signals a powerful breakout for a stock or other asset such as XRP.
The potential breakout for XRP comes after the cryptocurrency has traded sideways for several weeks and been stuck in a range of $1.09 U.S. to $1.11 U.S.
XRP is an open-source cryptocurrency native to the XRP Ledger (CRYPTO: $XRPL), a blockchain designed to facilitate ultra-fast, low-cost cross-border payments.
