Technical analyst CoinsKid pointed out on Twitter that Ripple-affiliated XRP could be setting up for a new all-time high.
The assertion is based on a pattern known as a "double bottom," an indication often used by traders to signal a potential upward trend following a period of decline. The analyst also noted the formation of an ascending triangle, another bullish indicator. CoinsKid concluded with a general principle of trading: "Compression leads to expansion," suggesting that the constrained trading range will eventually lead to a price breakout. XRP's performance has been relatively stable, trading at around $0.72 at the time of writing, a 2.4% increase in value.
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