XRP is beginning to exhibit tighter price movements as the token keeps consolidating inside a triangle formation with cryptocurrency market watcher Ali Charts highlighting an upcoming breakout from the formation. XRP is currently changing hands at $1.50, an increase of around 0.87% in the last 24 hours. However, it is still trading near the bottom of its recent range.
As per Ali Charts, whales have been quiet during the last week without any changes in their XRP positions. This indicates that the whales are likely sitting on the sidelines until the direction of movement becomes clear.
XRP Price Consolidates as Triangle Tightens
XRP has spent recent sessions moving sideways, with daily data showing the token holding near the $1.48–$1.50 region after facing selling pressure earlier in the week. On October 2, XRP traded as high as $1.55 before closing lower, while the following sessions remained relatively stable.
Source: CoinMarketcap
This price compression has created a triangle formation that Ali Charts believes could eventually produce a larger move. As XRP moves closer to the apex of the pattern, the trading range continues to narrow, potentially setting the stage for a decisive breakout.
The setup is not necessarily bullish yet, however. A triangle can resolve in either direction, meaning XRP still needs confirmation before traders can treat the pattern as a confirmed upside setup.
Ali Charts Sets $1.53 Breakout Level and $1.62 Target
Ali Charts is watching the $1.53 area as the key level for XRP. According to the analyst’s setup, a 4-hour close above $1.53 could confirm a bullish breakout and open the way toward $1.62.
With XRP currently around $1.50, a move to $1.62 would represent roughly an 8% gain from current levels. The $1.53 threshold is therefore important because a sustained move above it would signal that buyers are beginning to take control of the consolidation range.
The analyst’s broader view is consistent with his recent XRP triangle analysis, in which he has highlighted breakout confirmation rather than a temporary price wick as the important signal.
What Happens If XRP Breaks Higher?
A breakout above $1.53 would change the short-term direction towards the benefit of the XRP bulls. The initial target price from the Ali Charts setup is $1.62. This would push XRP back up to areas that have been providing resistance.
The performance of XRP at the moment explains the importance of confirming setups. XRP is trading below $1.53 despite the brief rise above $1.55 witnessed on October 2.
At the moment, the XRP price is stuck within the consolidation formation. The bulls will become even stronger if XRP closes above $1.53 on a 4-hour chart, otherwise the cryptocurrency may continue consolidating around $1.53, with the possibility of a breakdown to the downside.
Furthermore, since the holdings of whales did not change much, it seems that XRP needs some time to find direction.
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