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$XRP 🔥XRP returns to $3 and is on the verge of an all-time high
The cryptocurrency issued by Ripple Labs could be hours or days away from setting records if the bullish momentum continues. XRP managed to break out of the consolidation zone it was in.
If XRP surpasses $3.40, it will enter price discovery territory.
XRP has surpassed $3 again after four months and confirms the breakout of the bullish pennant it has been forming since November.
If it manages to maintain this momentum, Ripple Labs' cryptocurrency could exceed its all-time high (ATH) of $3.40 in the coming hours or days. In the following chart, provided by TradingView, the breakout of the bullish pennant is clearly observed, a technical analysis figure that often anticipates strong movements in the same direction as the previous trend.
The emergence of this pattern generates optimism among investors, as it usually indicates the continuation of a bullish cycle with projections of higher prices. First and foremost, the macroeconomic context must continue to show positive signals. This is because financial speculators prefer a stable environment to invest in risk assets like cryptocurrencies. When there is economic uncertainty or geopolitical tensions, they tend to place their holdings in safer instruments like Treasury bonds. For its part, Ripple Labs continues to pursue banking partnerships. On July 9, the company led by Brad Garlinghouse announced a partnership with BNY Mellon, the oldest financial institution in the United States, founded in 1784.
The cryptocurrency issued by Ripple Labs could be hours or days away from setting records if the bullish momentum continues. XRP managed to break out of the consolidation zone it was in.
If XRP surpasses $3.40, it will enter price discovery territory.
XRP has surpassed $3 again after four months and confirms the breakout of the bullish pennant it has been forming since November.
If it manages to maintain this momentum, Ripple Labs' cryptocurrency could exceed its all-time high (ATH) of $3.40 in the coming hours or days. In the following chart, provided by TradingView, the breakout of the bullish pennant is clearly observed, a technical analysis figure that often anticipates strong movements in the same direction as the previous trend.
The emergence of this pattern generates optimism among investors, as it usually indicates the continuation of a bullish cycle with projections of higher prices. First and foremost, the macroeconomic context must continue to show positive signals. This is because financial speculators prefer a stable environment to invest in risk assets like cryptocurrencies. When there is economic uncertainty or geopolitical tensions, they tend to place their holdings in safer instruments like Treasury bonds. For its part, Ripple Labs continues to pursue banking partnerships. On July 9, the company led by Brad Garlinghouse announced a partnership with BNY Mellon, the oldest financial institution in the United States, founded in 1784.
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