"If $1.47 is broken, it's over"...XRP, on the verge of exploding straight to $1.70

▲ XRP/AI generated image

XRP is increasing market tension by bringing a bullish pattern to completion, on the verge of breaking through a major resistance level.

According to Benzinga on April 22 (local time), XRP is showing a trend aimed at breaking past $1.70, accumulating upward energy in a technical convergence zone. Two key bullish indicators are signaling simultaneously, increasing the potential for expanded volatility. Whether $1.47 is breached is identified as a critical turning point that will determine the short-term direction.

On the 4-hour chart, a cup and handle pattern formed since March 21 has entered its completion phase. After consolidating a bottom with $1.45 as the neckline, sideways movement is continuing in the current handle section. If a closing price accompanied by trading volume forms above $1.46, the pattern could activate, and the upward trend could accelerate. Staff writer Parshwa Turakhiya suggested $1.70 as the target range.

On the daily chart, a clear ascending triangle pattern is visible. Amidst the upward trend that has continued since the February low, the price is consistently pressing against the $1.4681 resistance level. Three tests have occurred in the past two weeks, maintaining buying pressure. A breakthrough of $1.47 would open up upside potential to the $1.65 to $1.70 range. Key support levels, Supertrend at $1.2934 and SAR at $1.3904, defend against downside movement.

Derivative market indicators also support the upward trend. Trading volume increased by 10.43% to $3.16 billion, and open interest rose by 1.74% to $2.66 billion. Short positions totaling $744,000 were liquidated over 24 hours, confirming the exit of sellers. In contrast, long position liquidations amounted to only $43,000, maintaining a buy-dominant structure.

Institutional fund flows are also continuing in the spot market. The cumulative inflow into XRP spot ETFs has reached $1.28 billion, forming a supply and demand base. While the pace of fund inflow has slowed somewhat recently, the trend of holdings being maintained without outflows continues.

As technical patterns and fund flows align simultaneously, XRP's upward pressure is strengthening. Whether $1.47 is breached with accompanying trading volume is serving as a key criterion for determining entry into the next upward phase.

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