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XRP has captured market attention with a 6.5% surge to $2.20 on June 28, fueled by Ripple's strategic legal move against the SEC. This development comes amid a broader consolidation phase following the cryptocurrency's remarkable 575% ascent since November 2024.
The digital asset has formed a textbook symmetrical triangle pattern since its February peak near $3.40. Market technicians note this formation typically precedes continuation of prior trends — in this case, bullish momentum. The pattern's upper boundary currently tests at $2.20, coinciding with the 50-day exponential moving average.
【Key Technical Insight】A successful breakout could propel XRP toward $3.81, representing a potential 75% gain from current levels. Historical data shows similar patterns have preceded major moves in the cryptocurrency's price history.
On-chain metrics reveal significant whale accumulation since May, with the 90-day moving average whale flows turning positive for the first time in months. CryptoQuant data indicates these inflows have already surpassed 2024 levels, when similar activity preceded a 420% price surge.
——"The whale flow reversal suggests smart money positioning for a major move," noted a market analyst. "We're seeing accumulation patterns that historically precede significant rallies."——
Binance's liquidation heatmap highlights $2.34-$2.40 as a crucial resistance area, with over $525 million in potential liquidations concentrated within this range. Market observers suggest that breaking through this zone could trigger a short squeeze, potentially accelerating upward momentum.
Interestingly, while technical indicators suggest bullish potential, the cryptocurrency faces regulatory uncertainties that could impact its trajectory. The recent legal developments between Ripple and the SEC remain a focal point for investors evaluating XRP's medium-term prospects.
As the symmetrical triangle pattern approaches its apex, traders are watching for either a decisive breakout or potential reversal. Market participants should note that cryptocurrency investments carry substantial risk, and thorough research remains essential before making trading decisions.