The price of XRP has established a bottom reversal configuration, indicating the prospect of an explosive bullish surge. Furthermore, Ripple has already broken the pattern, indicating that the rally has begun. To profit from the upcoming move, interested investors should pay special attention to the retest of a key support level.
The Ripple bulls have returned to the fight.
XRP prices have formed a reverse head and shoulder pattern that marks the beginning of an uptrend. This technical formation contains three valleys of different depths. The central depression is usually deeper than the outer depression and is called the head. The short valleys on either side of the head are called the shoulders.
The combination of the peaks of these valleys results in the formation of a neckline, which helps determine the breakout.
The 25% goal for this setup is achieved by adding the distance between the neckline and the bottom of the head. Adding this measurement to the breakout point will give you a $ 1 goal. Interestingly, Ripple has already broken the neckline on March 19th, showing.