XRP Price Breakout from Multi-Year Consolidation Signals a Rally to $1.5

The recovery momentum in the crypto market continues to accelerate as Bitcoin hits another high of $92,500 during Wednesday's U.S. market session.

Bitcoin price showed another leg up on Wednesday as the U.S. market session began. This rally came after the latest U.S. Consumer Price Index (CPI) report showed a year-over-year increase of 2.6%.

Following the trend, XRP price showed sustainability after a major breakout from 38 months of accumulation, signaling a rally to $1.5 insight.

Ripple coin price trades at $0.71 with an intraday gain of 1.63%. The asset's market cap is at $40.78 Billion, and its 24-hours trading volume is at $9.18B.

XRP Price Breakout From Multi-Year Consolidation Signals A Rally To $01.5

For the past three years, XRP price has moved sideways, resonating within the formation of a symmetrical triangle pattern. This pattern is defined by two converging trendlines that act as dynamic resistance and support, gradually narrowing the price range and creating a squeeze in the altcoin’s price movement.

Amid the ongoing Ripple vs. In The SEC case, this prolonged consolidation indicates a lack of clear dominance from either buyers or sellers in determining the asset’s price direction. However, the crypto market witnessed renewed interest in bullish momentum following Donald Trump’s victory in the U.S. presidential election.

Thus, XRP price rallied sharply from $0.49 to $0.715— a 44% increase— in the last 10 days. The recovery trend gave a decisive breakout from the triangle pattern key resistance on November 10th, projecting an early sign of a major trend reversal.

If the pattern holds true, XRP price could rally 33% to reach $0.92, followed by an extended rally to $1.5.

HODLers Take Control As XRP Supply On Exchanges Falls

Since early February, the XRP supply on crypto exchanges has drastically dropped from 3.3 Million to 2.6 Million coins, according to Santiment data. This decline indicates that investors are moving their assets from exchange wallets to private wallets, highlighting a growing “HODL” sentiment among investors.

This trend suggests that holders are opting for long-term storage rather than engaging in short-term trading, which could reduce selling pressure on the market.

The above is the detailed content of XRP Price Breakout from Multi-Year Consolidation Signals a Rally to $1.5. For more information, please follow other related articles on the PHP Chinese website!