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HomeCrypto NewsMarketXRP Finally Moves Close to a Major Squeeze: Here Are Possible XRP Targets

XRP Finally Moves Close to a Major Squeeze: Here Are Possible XRP Targets

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The XRP chart against Bitcoin suggests a potential major squeeze is on the horizon, and crypto analyst MichaelXBT has pointed this out in his recent analysis. 

Notably, in an accompanying chart, the market watcher drew out several significant patterns such as converging trend lines and wedge formations that XRP has formed against Bitcoin on the 4h timeframe. These patterns signal that XRP is near a moment of volatility.

MichaelXBT identified a series of descending triangles combined with symmetrical triangles that have formed since mid-July. The larger symmetrical triangle began when XRP recorded an impressive push against Bitcoin from July 10.

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XRPBTC 4H Chart MichaelXBT
XRPBTC 4H Chart | MichaelXBT

Remarkably, the altcoin spiked 28% from 0.00000752 BTC to a peak of 0.00000962 within three days. Since then, XRP has been slowly recovering its lost grounds against BTC despite a slowdown in the upsurge. This has resulted in the formation of the upward symmetrical triangle.

Notably, the emerging trend lines indicate that XRP has been steadily testing resistance points while maintaining a long-term upward support trend. The analyst points to this as evidence of bullish sentiment brewing beneath the surface. 

Meanwhile, the market has remained relatively flat in terms of volume and volatility due to trader apathy amid uncertainty. However, the converging patterns on MichaelXBT’s chart signal the possibility of a big move ahead, with price action compressing into a narrow range. 

The analyst believes that these trends suggest that the “squeeze” is about to occur, leading to the possibility of a large price movement that could happen shortly once one of the key levels is broken. However, he failed to provide any price targets. 

Possible XRP Targets

Meanwhile, MichaelXBT has been vocal about his bullish stance on XRP in the past few weeks. According to his earlier statements, his primary target for XRP is around $2. 

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He revealed plans to focus his strategy on maximizing profits from XRP’s expected rise and then rotating the gains into other altcoins for further portfolio diversification. 

However, XRP has been stalled at the resistance line for an extended period, which Michael refers to as the “7-year pennant resistance.” This level has historically prevented further upward movement for XRP, but the analyst remains confident that a major breakout is imminent. 

He suggested that when this resistance is finally breached, the price surge will be swift and sharp—fast enough that many investors may miss the move if they don’t act quickly.

Recently, Michael noted the importance of the $0.62 level for XRP. He believes this is the critical resistance zone that, when broken, will activate an XRP rally.

Currently, XRP changes hands at $0.5366, having increased 1.4% over the past 24 hours. It also trades for 0.00000944 BTC, a 25% increase from the July 5 low.

DisClamier: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.

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Sam Wisdom Raphael
Sam Wisdom Raphael
Sam Wisdom Raphael is a seasoned crypto news writer and journalist with 5 years of experience covering blockchain, DeFi, and crypto developments. Sam's active presence in the crypto community complements his deep understanding of the crypto space, allowing him to craft comprehensible price analysis reports and tackle technical blockchain concepts.

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