XRP Price Targets 16% Breakout but Faces Two On-Chain Warnings
XRP shows a bullish cup and handle pattern, but exchange inflows and a large sell wall pose significant risks to a potential 16% breakout.Summary
XRP is exhibiting a bullish cup and handle pattern, suggesting a potential 16.64% breakout. This pattern, characterized by a U-shaped recovery followed by a shallow pullback, is supported by XRP trading above key moving averages, hinting at a possible golden cross. However, two on-chain indicators present significant warnings. Firstly, accelerating exchange inflows, with a substantial increase in XRP moving onto exchanges, indicate potential selling pressure. Secondly, a large cluster of approximately 1.16 billion XRP acquired between $1.45 and $1.46 represents a structural sell wall, as holders in this zone may sell to break even. For the bullish breakout to materialize, XRP must overcome these supply layers. Key resistance levels to watch are $1.44, $1.48, and decisively $1.53, the neckline of the cup pattern. A close above $1.53 would confirm the pattern and target higher prices, while a break below $1.39 would weaken the structure.
(Source：BeInCrypto)