An analyst has suggested that XRP has the most promising monthly chart patterns, confirming an imminent rally to new peaks.
In the past 24 hours, XRP has sustained its bullish trend despite a recent market correction. At press time, the digital asset traded at $3.12.
Over the past month, XRP’s performance has been more pronounced, surging by 54.2%. This performance has notably attracted the attention of an analyst who has identified its chart as one of the most bullish.
XRP Bullish Breakout and Market Outlook
In a tweet, analyst Rafaela Rigo reviewed XRP’s movement since last year and described its monthly performance as the most bullish among other crypto assets.
The chart illustrates a significant breakout pattern. XRP’s long-term consolidation phase, which has persisted since 2018 following its all-time high, has now been decisively broken.
The digital asset has cleared major resistance zones, confirming a trend reversal. Per the analyst’s chart, the next upside target stands at $3.50, representing a 12.90% increase from current levels.
According to the analyst, February promises a massive upside for XRP.
.$XRP
HAS THE MOST BULLISH MONTHLY CHART OF THEM ALL.
February promises massive upside for the one called “stable coin” 🐌
. https://t.co/36JZqr4buh— ⭐RᗩᖴᗩEᒪᗩ 𝗥𝗜𝗚𝗢 ⭐ (@RAFAELA_RIGO_) January 29, 2025
Tightening Volatility Signals Breakout
Meanwhile, another analyst has observed XRP entering a phase of tightening volatility, marked by a narrowing price range. Specifically, analyst Ali Martinez observed a contraction in the Bollinger Bands on the 12-hour chart. Historically, such a pattern suggests an imminent major price move.
Notably, XRP’s price dropped to $2.70 in mid-January before recovering to its current trading range. With volatility compressing, market participants anticipate a breakout in either direction.
Martinez did not specify whether the breakout would favor bulls or bears, leaving traders watching for confirmation signals.
Resistance and Potential Downside Risks
Elsewhere, market analyst Nebraskangooner pointed out that XRP recently faced rejection at the 1.337 Fibonacci extension level of $3.221. The rejection resulted in a price pullback, leading to what the analyst described as a “bull trap fib.”
The analyst noted that XRP’s price action would likely remain sideways unless it decisively surpasses this resistance level. A successful breach could push prices higher, while failure to reclaim the level may increase downside risks.
According to the accompanying chart, if bearish momentum strengthens, XRP could decline toward $1.9622.
Meanwhile, support at the $3 region has so far prevented further downside, with large holders accumulating at this level.
Analyst Egrag Crypto observed that buying pressure resurfaces whenever XRP briefly drops below $3. This ongoing accumulation suggests that bulls remain committed to defending the key demand zone.
Read the full article here
