XRP has dropped to $2.65, losing over 21% this month and reducing its market cap to $173 billion. Despite this, technical patterns suggest a potential rally is on the horizon.
📉 Doji Candlestick Indicates Reversal
Ripple's price formed a long-legged doji candlestick, often signaling a reversal. This pattern, with a long lower shadow and small body, implies price indecision. A close above $3 could confirm this bullish reversal.
📈 Bullish Patterns Emerge
Ripple shows a break-and-retest pattern at $2.6580, a bullish continuation signal. Additionally, XRP formed a bullish pennant pattern, hinting at further upside. Measuring the pennant suggests XRP could rally to $12.15, matching the previous flagpole's length.
🔥 Catalysts Supporting Ripple's Growth
Ripple recently secured money transmitter licenses in New York and Texas, enhancing its service capabilities. XRP futures open interest has surged to over $6 billion, reflecting strong demand. Odds of an SEC approval for a spot XRP ETF have risen to 73%, adding to the bullish momentum.
📊 XRP’s Market Activity
Ripple USD daily volumes have climbed to $260 million, showcasing robust trading activity. These factors, combined with favorable technicals, support a potential XRP price rally.
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