After taking a major back seat to Bitcoin and other major altcoins in the preceding months, XRP – itself a leading altcoin – has finally started to shine in what has become crypto spring. XRP has shown support off of critical price levels and seems fairly solid in a new uptrend.
The clearest way to see XRP’s trend is on the XRP/BTC trading pair. We can clearly see below, on the weekly chart, that XRP in April failed to hold the very critical region at 7k satoshis (1 satoshi = 0.00000001 BTC) – where both horizontal and uptrending support zones were unable to stop its collapse.
This bloodletting was stymied last month at around 4.3k sats, and subsequent weeks of recovery seem to signal that XRP is now stable in the long term. This is all for the better, as the next major supports are considerably lower.
Ever since this recovery, XRP/BTC has formed a very tight and clear market structure. An uptrend is in play, and XRP is steaming toward a possible breakout at the neckline, at about 5,500 sats.
Alternatively, the trend could break and revisit the low 4ks; in this case we would check indicators like RSI to gauge the strength of the retest. But for now, rising volume approaching 5.5k sats would be an auspicious indicator of a breakout.
This leaves us with the XRP/USD pairing. XRP’s recent support has translated into significant gains for the crypto of late, being inflated along with everything else by Bitcoin’s uptrend. About 60% of USD gains were there for the taking during May, from bottom to top.
What’s more, XRP/USD looks to have formed a fairly clear ascending triangle consolidation pattern, which is a bullish pattern. Based on this, we might reasonably expect a breakout going into mid-June. The reader will note that this expectation almost perfectly maps onto our XRP/BTC triangle pattern, which also looks to break up around mid to late June.