A 'descending triangle' pattern in technical analysis points to bigger gains for the top-performing major token.
XRP has formed a "descending triangle" pattern since its peak near $2.9 in early December. According to technical analysis, a bullish breakout from this pattern could lead to a 40% or more price increase, resuming the upward trend from early November when XRP was near 50 cents.
Shifting regulatory tides in the U.S. and favorable price action could set up XRP for a 40% move higher in the near term. According to the CMT Association's theory and analysis of technical analysis, descending triangles often end with a downside break. However, bullish breakouts are more reliable and profitable, producing an average gain of 47% to 16%.“In other words, XRP could surge 40% or more if prices top the declining upper trendline, signaling a resumption of the preceding bull run from early November lows near 50 cents,” CoinDesk markets analyst Omkar Godbole states.
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