XRP, the %Cryptocurrency associated with the Ripple payment protocol, has surged 12% in the last 24 hours as it forms a bullish “triangle pattern.”
XRP is currently outpacing all other cryptocurrencies, including %Bitcoin (CRYPTO: $BTC) and %Ethereum (CRYPTO: $ETH), having now gained nearly 40% in the past week.
XRP is currently trading at $0.63 U.S. per digital token, its highest level since April of this year.
The XRP cryptocurrency has formed a triangle pattern on long-term price charts, which analysts and traders say is a bullish action indicating future gains.
The triangle pattern is a popular technical analysis chart formation that helps traders understand market sentiment and spot emerging trends.
Triangle patterns tend to form when an asset’s price trades in a narrow range following an uptrend or downtrend. In the case of XRP it has formed as part of a strong uptrend.
Analysts see breakouts and upward price movements happen after a triangular pattern forms, especially on heavy trading volumes.
Futures tracking XRP have more than doubled in the past seven days, suggesting increased expectations of future price increases.
Trading volumes for XRP have also surged to $3.6 billion U.S. from $2 billion U.S. in recent days, according to market data from CoinGecko.
XRP is the cryptocurrency linked to Ripple, a gross settlement system, currency exchange and remittance network that was created by technology firm Ripple Labs.
Despite its gains over the past week, XRP’s price is still down 2% on the year. However, the cryptocurrency’s price has doubled over the last five years.
