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Following
XRP The giant whale does not move, and the triangle consolidation pattern narrows.
At the beginning of this week, the price of XRP rose by about 16%. It is currently trading around US$1.50 and is in the consolidation stage of the triangle consolidation pattern. According to Ali Charts, there has been no significant change in the number of XRPs held by giant whales over the past week.
As prices gradually approach the apex of the triangle, the market is waiting for a key breakthrough direction. If the four-hour closing price stabilizes above $1.53, a bullish breakthrough signal will be confirmed, opening up space for $1.62, which will then become the next key reference point.
Four major catalysts are ready to go
Entering October, four major events are about to happen one after another, attracting widespread attention from traders:
- XRP Seoul: is scheduled to be held on October 3 to bring together banks, institutions and Ripple teams to focus on XRPL payments, RLUSD, automated market makers (AMM) and compliance issues.
- Evernorth Acquisition: Delivery is expected to be completed on October 7 to 8. Subsequently, XRPN is expected to be officially listed and traded on NASDAQ, providing institutional investors with a new XRP configuration channel.
- XRPL Mainnet Upgrade: The upgrade window will open on October 9, which is the last major event listed this month.
Resistance determines the next trend
CoinMarketCap community contributor DavidTheBuilder pointed out that as the above events advance, technical resistance has become the focus of short-term market attention. XRP prices are currently trading below $1.60, which is considered a key resistance level.
Analysts believe that if we can effectively break through US$1.60, the first target will look at US$1.88, while the longer-term target will point to US$2.90. Although these levels are well above the current trading range, a breakthrough of $1.60 is a prerequisite for testing higher levels.
Taken together, Ali Charts focuses on the breakthroughs of $1.53 and $1.62, while DavidTheBuilder emphasizes the key role of $1.60,$1.88 and $2.90. As the triangular arrangement continues to narrow, the giant whale maintains a wait-and-see attitude, and XRP is at a critical juncture in choosing the direction.
