The latest XRP price action was quite unexpected considering the nature of the market in the first few days after the holiday season. A detailed look at the graph reveals that the XRP/USDT chart is about to make a potentially significant move. The asset, which has had a slower start through 2024, especially compared to Ethereum’s focus on its local resistance level, could be setting the stage for a notable price surge.
The latest XRP price action was quite unexpected considering the nature of the market in the first few days after the holiday season. A detailed look at the graph reveals that the XRP/USDT chart is about to make a potentially significant move. The asset, which has had a slower start through 2024, especially compared to Ethereum’s focus on its local resistance level, could be setting the stage for a notable price surge.
XRP price is currently at the tail end of a descending triangle, a technical chart pattern that traders often associate with the continuation of the previous trend. However, in this case, XRP made an unexpected maneuver, breaking the upper boundary of the descending triangle. This move could be interpreted as a bullish signal, suggesting a change in market sentiment and possibly providing the impetus for a rally towards the $0.7 mark.

The descending triangle is usually formed by a flat support line and a downward sloping resistance line. A break above the resistance line is significant because it negates the bearish bias of the pattern. For XRP, this advance indicates that buyers are gaining strength and could push the price higher, particularly if the advance is accompanied by an increase in trading volume, which would add credibility to the move.
Currently, XRP is trading above its moving averages, which is a positive sign for the bulls. The 50-day moving average has served as dynamic support, boosting the price on recent pullbacks. The Relative Strength Index (RSI) is situated at the midpoint, suggesting that there is room for an upward price movement before the asset becomes overbought.
On the other side of the market, Ethereum has also approached a local resistance level. A break above that level for Ethereum could have a cascading effect, energizing other altcoins, including XRP.