XRP Technical Charts Suggest Explosive Move Imminent

Crypto analysts are closely examining XRP's technical charts and believe they're seeing signals that suggest the token could be building towards an explosive move.

Analyst JD has identified three converging signals on XRP's 2-month market cap chart: a multi-year breakout retest, a potential bullish engulfing candle forming, and a hidden bullish divergence. The first signal is a successful retest of the asset's long-term ascending support line, which could confirm the breakout.

The second signal is a potential bullish engulfing candle forming on the 2-month chart, where a green candle fully absorbs the body of the preceding red candle. If this occurs, it would produce a high-conviction bullish reversal signal on a macro timeframe.

The third signal is a hidden bullish divergence, with XRP's Relative Strength Index currently at 53.43 showing higher lows while price makes lower lows.

According to JD's chart, if these signals are confirmed, it could lead to a sharp move upward toward price levels well above the $180-$240 billion market cap range seen at prior cycle peaks. However, there is an immediate obstacle in the form of a horizontal resistance zone between roughly $1.85 and $1.95.

Crypto developer Bird also believes XRP is on the verge of a strong upward move, pointing to its position near the top of a bull flag formation. If XRP breaks out above this level, it could lead to significant price appreciation.