XRP price technical analysis

Technical indicators suggest that an XRP short squeeze could be imminent for two reasons. The token has formed an inverse head-and-shoulders pattern, a widely followed bullish reversal signal.

XRP has also developed a symmetrical triangle, with its trendlines converging near a breakout point. This triangle is part of an eight-month bullish pennant pattern that began following its short squeeze in November of last year.

A breakout from this structure could lift XRP toward last year’s high of $3.39, an increase of 48% from current levels. A drop below the support at $1.9130 would invalidate the bullish setup.