Cryptocurrency trader Steve Courtney has noted that the XRP cryptocurrency is on the verge of a “triangle breakout.”
According to Courtney, there are bullish signals on key indicators such as the relative strength index (RSI) and the stochastic RSI (sRSI).
“Support holding, resistance testing. Is this the week we’ve been waiting for?” the trader said.
Even though XRP is seemingly breaking out of the symmetrical triangle, this could simply be a wick at the end of the week. Courtney has cautioned market observers that the weekly candle needs to close above resistance for any sort of bullish reversal to occur.
At the same time, the RSI broke the trend line and managed to record a new high. As reported by U.Today, XRP might surge higher after RSI values move into overbought territory if history is any guide.
According to data provided by CoinGecko, XRP has surged 6.3% over the past 24 hours, breaking above a key resistance level. This makes it the best-performing cryptocurrency in the top 10. Solana (SOL) comes in second place with a 5.2% spike. Earlier this Thursday, XRP managed to peak at $0.6328.
XRP, which frequently gets subjected to criticism due to its stagnant and underwhelming price performance, rebounded earlier this month due to the persistent buzz surrounding settlement talks between Ripple and the SEC. Ripple CEO Brad Garlinghouse recently told Bloomberg that the exhausting yearslong legal scruffle would be over soon, but he refused to divulge any information regarding potential settlement talks.
Many community members are hopeful that the XRP price might finally experience a substantial rally after years of underperformance.
In fact, those who invested $10,000 into XRP back in September 2018 would still end up with the same amount of money if they were to hold onto their tokens until today.
