The XRP/BTC price chart suggests a potential surge as XRP stabilizes.
In the past 24 hours, XRP has remained resilient despite a pullback, posting a 0.66% gain. However, one analyst has noted that XRP may be on the verge of a “huge squeeze.”
Despite XRP still recovering from Monday’s losses, down 5.29%, interest in the altcoin is growing, as shown by a 25.23% spike in trading volume, reaching $615 million in the past day.
**XRP Price to Squeeze Against Bitcoin: Is a Breakout Imminent?**
On September 8th, popular trader Crypto Michael pointed out a “huge squeeze” forming on the XRP/BTC chart, highlighted by an ascending triangle pattern. This pattern, developing since mid-July, is characterized by higher lows pushing towards resistance, hinting at an impending breakout.
In a prior post, Crypto Michael targeted the $0.55 resistance level, suggesting that surpassing it could trigger a significant price surge for XRP.
The XRP/USDT chart shows a falling wedge pattern, which typically signals growing volatility as the asset battles fear, uncertainty, and doubt (FUD), with the potential for a breakout soon.
Momentum indicators are also turning positive, with the Relative Strength Index (RSI) at 60, indicating a shift toward bullish sentiment. Additionally, the Chaikin Money Flow (CMF) has improved to +0.1, showing increased buying pressure. The MACD line also remains above the Signal line, reinforcing bullish momentum.
Fundamentally, XRP stands to benefit from Ripple’s expected stablecoin launch this year, which could act as a price catalyst if widely adopted.
Traders should watch for a break above the 200EMA resistance as confirmation before aiming for the $0.55 level.
