October was a relatively dull month for the Ripple price. XRP went nowhere as Bitcoin, Ethereum, and meme coins like Shiba Inu and Dogecoin skyrocketed. The price of XRP climbed to a high of $1.2285 before plummeting by more than 22% to $0.9470. It is now trading at $1.1057, with a market capitalization of more than $51 billion.
For nearly two months, the price of XRP has been consolidating below a critical trend line. However, as Ripple is pinched between critical support levels and resistance hurdles, a breakout appears to be on the horizon.
The next breakout will be interesting to watch since it might signal the start of a rally that could take the market back to 2018 levels.
Over a longer time period, the price of XRP has been forming many bullish patterns, indicating a promising future. Between August 9 and November 2, the remittance token’s price activity produced six lower highs and about five higher lows.
XRP Price Set to Upswing 80%?
A symmetrical triangle design is formed by connecting these swing points with trend lines. As the price of XRP proceeds through this pattern, it becomes increasingly compressed, indicating a significant reduction in volatility. By adding the distance between the initial swing high and swing low to the breakout point, this technical setup predicts an 80% upswing.
The commencement of an uptrend will be confirmed by a decisive closing above $1.137, which coincides with the 50% Fibonacci retracement level. The price of XRP will rise to the supply zone, which ranges from $1.237 to $1.417.
While the initial leg-up is critical, a daily close decisively above $1.417 will set the stage for a run toward $2. The XRP price will retest the 161.8 percent Fibonacci extension mark at $2.324 in a highly bullish scenario, representing a 104 percent increase from $1.137.
While the technicals suggest a daring price target for XRP, the on-chain measures support this assertion with a bullish prognosis.