Can Ripple (XRP) Price Successfully Breakout and Reach $0.60?

Ripple (XRP) price investors anticipate gains, but this would only come if they act according to their expectations. 

By the looks of it, they have been for most parts, but whether it is enough to trigger a rally is the question.

Ripple Investors Move Ahead

XRP price has shown considerable influence from whale investors in the past, and the same is expected going forward. The addresses holding between 1 million and 10 million XRP have accumulated over 100 million XRP in the last week.

This $52 million worth of supply pushed Ripple whales’ holding up from $3.63 billion to $3.73 billion. The surge nearly impacted the price immediately; however, a much stronger impact could occur gradually.

Historically, whale accumulation has resulted in rallies and selling in declines so that the XRP price could shoot up.

Furthermore, the altcoin is receiving considerable support from retail investors. This is evident in the asset’s funding rate, which has been rising consistently since mid-April.

The funding rate is a periodic payment exchanged between buyers and sellers in perpetual futures contracts to keep the contract price close to the underlying asset’s price. It helps maintain the balance between long and short positions in the market.

A positive funding rate suggests long contracts dominate the market instead of short ones and vice versa.

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Thus, it is clear that XRP holders are anticipating a price rise since they are betting on it.

XRP Price Prediction: Awaiting a Breakout

XRP price is trading at $0.52 and is moving up in an ascending triangle pattern. An ascending triangle pattern is a bullish chart formation characterized by a horizontal resistance line and a rising support line. This pattern indicates potential upward price movement, awaiting a breakout above the resistance level.

Per the pattern, the XRP price could note a 12% rise when it reaches the target of $0.61. However, to make it there, the altcoin would need to secure the 23.6% Fibonacci retracement line as support.

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Also known as the bear market support floor, XRP can recover as long as it keeps above it.

However, if it loses this support, a drawdown could send the altcoin falling to $0.50. A decline below this price would not only invalidate the bullish thesis but also push the XRP price to a two-month low of $0.47.