#Xrp

𝙓𝙍𝙋 𝙋𝙧𝙞𝙘𝙚 𝘽𝙧𝙚𝙖𝙠 𝙊𝙪𝙩 𝙤𝙛 7-𝙈𝙤𝙣𝙩𝙝 𝘾𝙤𝙣𝙨𝙤𝙡𝙞𝙙𝙖𝙩𝙞𝙤𝙣 𝙖𝙨 𝘽𝙪𝙡𝙡𝙨 𝙍𝙚𝙙𝙪𝙘𝙚 𝙇𝙚𝙫𝙚𝙧𝙖𝙜𝙚 𝘽𝙚𝙩𝙨

XRP price looks to break out from a 7-month consolidation with a 41% rally as a symmetrical triangle narrows amid a Bollinger band squeeze.

XRP price is targeting a breakout from a seven-month consolidation range as bulls reduce their leverage bets on the altcoin. At press time, XRP was trading at $2.15 with a slight 0.9% gain in 24 hours and $2.5 billion in daily trading volumes on June 19. The breakout from this range is looming because of a squeeze of the Bollinger band indicators and the narrowing symmetrical triangle pattern that teases at a 41% rally.

XRP price has been moving sideways in the last seven months between $1.67 and $2.94. However, this choppy movement has not been unique to the Ripple token alone, as most altcoins have failed to mirror Bitcoin’s strength due to capital rotation to the largest crypto.

The technical structure on the daily timeframe shows that a breakout for Ripple’s token could be imminent. Bollinger bands are narrowing, and when this happens, it usually indicates that a strong move, either upwards or downwards, is about to commence.

A bullish breakout above the upper Bollinger band of $2.31 could signal the start of a bullish rally. However, if sellers start selling now as they lose conviction in holding XRP may crash, forcing a bearish breakdown below the lower Bollinger band of $2.08.

A symmetrical triangle pattern also shows that it is likely that the XRP price will make a breakout from consolidation. If the price overcomes resistance at the upper trendline, it could kickstart a 41% rally to $3.22. Conversely, losing this support level may force XRP to fall below $2 to the triangle’s bearish target price of $1.24.

For a bullish breakout to occur, buyers would have to step into the market again