In the past week, XRP faced a correction, aligning with overall market trends. However, today's price chart reveals a pattern that could excite altcoin holders. Previously, such patterns led to a surge to $2.90, hinting at a possible repeat.
Historically, between September 29 and November 6, XRP's price displayed a descending triangle pattern. After breaking from this pattern on November 7, the price surged 350%. The daily chart indicates another descending triangle forming, suggesting another potential climb if history repeats.
The Money Flow Index (MFI), measuring buying and selling pressure, supports this bullish outlook. The MFI recently rose from 42.05 to 61.64, indicating strong buying pressure around XRP. Continued rising MFI could push the price significantly beyond $2.24.
XRP has been consolidating between $2.20 and $2.72 since December 3, reflecting buyer-seller indecision. The rising MFI could shift this trend upwards. However, overcoming resistance at $2.90 requires intensifying current buying pressure.
Successfully surpassing $2.90 could drive XRP's price up by 43.53% to $3.20. Conversely, failure to break this resistance might cause a decline toward $1.40, challenging the bullish prediction.
