XRP’s price is eyeing a breakout from a classic chart pattern in the near future after Ripple acquired its first-ever license in the Middle East.
XRP price chart hints at possible 46% gains
XRP (XRP) has been consolidating inside a descending triangle pattern since topping out at its seven-year high of $3.40 on Jan. 16.
After finding support from the triangle’s horizontal line at $2.00, the XRP/USD pair has left behind a sequence of higher lows over the last four days to its upper trendline, as shown in the chart below.
XRP/USD daily chart. Source: Cointelegraph/TradingView
XRP‘s price is now testing the triangle‘s upper trendline at $2.30, raising hopes of a daily candlestick close above this level.
If this happens, XRP could rally toward the $3.00 psychological level, a critical supplier congestion zone that has