XRP, the native token of Ripple Labs, is poised for notable upside momentum due to the formation of a bullish price action pattern on the four-hour timeframe.
XRP has formed a bullish cup-and-handle price action pattern in the four-hour timeframe and is on the verge of a breakout.
If the asset breaks out of the pattern and closes a four-hour candle above the $2.55 mark, there is a strong possibility it could soar by 12% to reach the $2.83 level in the coming days.
Investors and long-term holders have potentially offloaded nearly $13 million worth of XRP tokens onto exchanges, creating selling pressure and driving downside momentum.