Ripple Looks Ready for Massive +40% Breakout

For quite some time now, Ripple’s XRP token has been in a consolidation phase, but that could soon come to an end. According to several analysts, Ripple is on the cusp of a 40% price hike as it approaches a critical resistance level. If Ripple manages to overcome the final hurdle, it looks like a climb to $1.77 is imminent.

Could the XRP price rise to $1.77 soon?

The XRP price seems poised for a massive breakout. This is because the price is at the upper limit of the symmetrical triangle pattern on the daily chart. If Ripple is able to break out of this technical pattern, it would mean that the price could rise by 39%, towards $1.77. However, the XRP price should close above $1.27 today.

The trendline at the top of the symmetrical triangle acts as heavy resistance for XRP price as Ripple has been unable to move above this trendline since April 16. A breach above $1.27 could signal a huge move towards the upside.

If XRP price does not close above the key price level of $1.27, Ripple will continue to consolidate. The price then falls back into the technical pattern. This consolidation will then continue until it starts testing the trend lines again.

Support is currently at 61.8%Fibonacci retracement level at USD 1.20 and after that there will be support around USD 1.13. For now, however, the bulls appear to be in control. So it could just be that we see the Ripple price rise above $1.70 in the short term.

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