EGRAG CRYPTO has highlighted a significant development on the XRP monthly chart that could signal a major price movement in the coming months. The chart shows XRP trading above the crucial 50 Exponential Moving Average (EMA), a key technical indicator that marks a shift in market behavior.
Previously, the 50 EMA acted as a strong resistance level, but now it is providing solid support, signaling a change in market structure that could lead to a potential breakout.
The XRP chart is showing the formation of a bullish pennant, a pattern that typically follows a sharp price rally and indicates potential for continued upward movement. This formation suggests that XRP is likely gearing up for a breakout, with the possibility of significant gains in the near future.
What’s Next for XRP?
In his analysis on X, EGRAG CRYPTO provided a detailed outlook on the possible scenarios for XRP in the coming months. The expert suggests that the probability of a bullish pennant breakout stands at a strong 60% to 70%.
There is a 25% to 30% chance that XRP could experience sideways accumulation, where price movement remains relatively flat as market participants wait for further momentum. Lastly, a breakdown below the 50 EMA is seen as unlikely, with only a 10% to 15% chance of that scenario unfolding.
Additionally, the expert notes that XRP could surge if Bitcoin dominance peaks. If this happens, XRP may not just rise, but could potentially experience significant price movements as capital rotates into the asset. The combination of the bullish pennant pattern and the strong support above the 50 EMA creates an exciting setup for traders seeking upward momentum.
With the breakout window now open, the focus remains on XRP’s performance relative to the 50 EMA.