"If $1.47 is broken, it's over"...XRP, on the verge of exploding straight to $1.70

▲ XRP/AI generated image

XRP is raising market tension by bringing its bullish pattern to completion, on the verge of breaking through a major resistance zone.

According to Benzinga on April 22 (local time), XRP is accumulating upward energy in a technical convergence zone, showing a trend aiming to break above $1.70. Two key bullish indicators are simultaneously signaling, increasing the likelihood of expanded volatility. Whether XRP breaks above $1.47 is identified as a critical turning point that will determine its short-term direction.

On the 4-hour chart, a cup and handle pattern formed since March 21 has entered its completion phase. After establishing a bottom with $1.45 as the neckline, sideways movement is continuing in the current handle section. If a closing price accompanied by trading volume forms above $1.46, the pattern will be activated, and the upward trend could intensify. Staff writer Parshwa Turakhiya suggested $1.70 as the target range.

On the daily chart, an ascending triangle pattern is clearly visible. In the upward trend that has continued since the February low, the price is consistently pressing against the $1.4681 resistance level. Over the past two weeks, three tests have occurred, maintaining buying pressure. If $1.47 is breached, an upward potential opens up to the $1.65 to $1.70 range. Key support levels, Supertrend at $1.2934 and SAR at $1.3904, defend against downside movement.

Derivative market indicators also support the upward trend. Trading volume increased by 10.43% to $3.16 billion, and open interest rose by 1.74% to $2.66 billion. Over 24 hours, short positions totaling $744,000 were liquidated, confirming an exit of selling forces. In contrast, long position liquidations amounted to only $43,000, maintaining a buyer-dominant structure.

Institutional capital flow continues in the spot market as well. The cumulative inflow into XRP spot ETFs has reached $1.28 billion, forming a supply and demand base. Although the pace of recent capital inflow has slowed somewhat, the trend of maintaining holdings without outflows continues.

With technical patterns and capital flows aligning simultaneously, upward pressure on XRP is strengthening. Whether a break above $1.47, accompanied by trading volume, occurs is acting as a key criterion for determining entry into the next upward phase.

*Disclaimer: This article is for investment reference only, and we are not responsible for any investment losses based on it. The content should be interpreted for informational purposes only.*