Is XRP gearing up for a massive 299% surge?

• XRP was consolidating within a bullish triangle, suggesting a potential 299% surge to $2.00.  
• Technical indicators supported a bullish breakout, with strong network activity and volume.

Ripple [XRP] was exhibiting clear indications of a potential major upside breakout at press time, driven by the formation of a well-established bullish triangle pattern.

This technical setup commonly signals a significant price movement, with traders and investors are eyeing a potential rally.

With key technical indicators and on-chain metrics aligning, could XRP be on the verge of an explosive move?

Could the bullish triangle lead to a 299% surge?

XRP’s price has been consolidating within a tightening triangle pattern, with resistance at $0.61 and support around $0.55. As the price compresses, the potential for a breakout grows.

If XRP breaks above the resistance, a surge of up to 299% could be in store, pushing the price towards the $2.00 mark, according to analyst Captain Faibik on X (formerly Twitter). 

Trading at $0.572 at press time, XRP’s next move will be critical. A confirmed breakout above the resistance could spark a strong upward rally, offering traders a favorable risk-reward opportunity.

Source: X

On-chain data

On-chain metrics suggested growing momentum for XRP. The number of active addresses has risen by 1.1% in the past 24 hours, reaching 9,986.

This increase in activity indicated rising engagement with the XRP network, a sign that investors may be preparing for a price move. 

Source: Cryptoquant

Additionally, XRP’s 24-hour trading volume stood at $1.03 billion, with a volume-to-market cap ratio of 3.01%. This level of liquidity reflected strong market interest, a key factor for confirming a potential breakout.

The liquidation data also supported the bullish case, with $973.39K in long positions opened across major exchanges like Binance, compared to just $72.34K in shorts.

This imbalance signaled growing market confidence in XRP’s potential to rise.

Source: Coinglass

Are technical indicators aligning?

Technical indicators are in place to support a potential breakout.

The Relative Strength Index (RSI) was 47.97 at press time, a neutral level that provides ample room for upward movement without the risk of overbought conditions. 

Bollinger Bands on the 30-minute chart showed tightening volatility, another sign that XRP could be poised for a strong price move.

Source: TradingView

Read XRP’s Price Prediction 2024–2025

Will XRP break out soon?

With the bullish triangle pattern forming and on-chain metrics showing increased activity, XRP looks ready for a breakout. If it can break the key resistance level of $0.61, the price could surge up to 299%, hitting $2.00. 

Traders should closely watch volume and key technical levels in the coming days to confirm this potential move.