Crypto
XRP Breaks Downtrend Line, Eyes Rebound to $1.32
XRP has formed an inverse head-and-shoulders pattern on its daily chart, sparking hopes of a rebound to $1.32.
The analysis suggests that XRP could extend its gains by about 15% from its current price of $1.10.
A key level to watch is $1.09, which if held will maintain the breakout move and inverse head-and-shoulders pattern.
XRP's decline was extended after being pushed back from the $1.32 support zone in early June, but it has since rebounded to form a bullish structure.
The market also sees the recent trend-line break as a positive sign for XRP, with supply-demand and derivatives indicators pointing to bullish signals.