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Ripple (XRP) Eyes Breakout After 32-Week Hold Pattern
Ripple’s XRP price has been steadily climbing, mirroring a pattern seen in 2017. The asset appears to be on the verge of a breakout after completing a 32-week hold pattern.
The past week saw XRP rise from $2.26 to $2.34, representing a gain of 2.4%. This comes as a surprise given the lack of volume accompanying the increase. Typically, such a large price surge would be accompanied by increased trading activity; however, this is not the case. In fact, the token’s total market capitalization has climbed from $136.8 billion to $137.4 billion.
The 24-hour trading range now sits between $2.26 and $2.34, representing a significant price movement.
This latest rise follows an extensive consolidation period that began in October of last year. The asset had been locked into a symmetrical triangle for the duration of this period.
Now, it appears as if XRP is set to break out. To confirm this, we should look at futures open interest. According to recent data, open interest has risen by 3.07% and now sits at $5.17 billion. This surge in open interest brings Ripple’s XRP positions near their all-time high.
In the past, a similar situation played out before the token skyrocketed. We can see that this is not an isolated event, as traders have shown greater enthusiasm for Ripple (XRP) futures.
Source: cryptopotato.com
