XRP might be on the verge of breaking one of its peculiar jinx of closing most years poorly. A new pattern was recently observed on the XRP/USDT price chart, indicating a remarkable turnaround for XRP just before the end of 2023.
The latest discovery on the XRP/USDT price chart is a welcome development, spewing excitement for XRP enthusiasts, especially those still bent on achieving reasonable profits from XRP this year.
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XRP/USDT Price Chart: Significance of Dec. 29
The latest trend on the XRP/USDT price chart indicates a looming breakout from a descending triangle pattern. December 29 was highlighted as the potential timeline to achieve such a breakthrough that would orchestrate a significant rally and directional shift for XRP.
For context, the descending triangle formation observed on the chart has two facets. The first is the flat lower boundary, representing support levels. The second is a downward-sloping upper boundary, highlighting resistance points.
The above pattern always appears in periods of doubt and depicts accumulation. Notedly, the price will be compressed towards the triangle’s apex, paving the way for the potential decisive price movements.
Significant Support And Resistance Levels
The support level was, as usual, fixed at the $0.55 price mark. XRP’s ability to maintain prices above this level will be crucial in catalyzing the coin’s quest for an upward breakout.
Nonetheless, should XRP fall below the $0.55 support mark, lower support levels around the $0.5 price becomes the next support.
The first resistance level was at the $0.63 mark. Breaching this constraint will usher in a higher $0.65 resistance where previous market activities and price movements induced congestion.
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A break above the $0.65 resistance will bring about another constraint at the $0.70 price mark. It is left to see how events unfold with December 29 just a few hours away.
Meanwhile, in one of our reports, Egrag Crypto, a renowned XRP enthusiast and chartist, predicted XRP’s path to $1.2. Egrag also highlighted some significant resistance and support levels similar to the ones above but not exactly.
XRP’s price at press time is approximately $0.64. It is currently the sixth-largest cryptocurrency, boasting a market cap of $34,562,782,914 and a trading volume of $1,366,849,198. XRP remains a work in progress with prospects for a bright future.
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