XRP Triangle Puts $1.38 Resistance Ahead of $1.60 Test

XRP's price action has created a potential breakout scenario, according to an analyst who notes that clearing $1.38 could open up a path towards $1.60.

The triangle pattern forming between $1.31-$1.35 support and $1.38 resistance is seen as crucial for the token's future direction.

If XRP can hold onto the support zone around $1.31, it may be able to break through the $1.38 threshold and potentially reach $1.60, where a significant amount of XRP was acquired at a higher price.

However, the same data suggests that there is substantial resistance above $1.60, with approximately 1.99 billion XRP having been bought at around $1.60 and another 1.98 billion at $1.68.