XRP price eyes symmetrical triangle breakout as stablecoin supply jumps

XRP is close to confirming a bullish breakout from a multi-month symmetrical triangle on the daily chart. The token climbed nearly 4% to an intraday high of $1.39 on March 10, Asian time, after sliding almost 8% to $1.34 from a weekly peak of $1.46 amid a Bitcoin correction and rising inflation fears tied to oil prices and geopolitical tensions in the Middle East.

The breakout is forming from the upper side of the triangle, a move typically viewed as bullish. Momentum indicators point to a recovery: the MACD line was angled upward and the RSI showed a bullish divergence with recent price action. Traders are watching the 23.6% Fibonacci retracement at $1.42 as the next resistance; clearing that level could open a path toward a $2.06 target, roughly 50% above the current price of $1.38.

A growing stablecoin supply on the XRPL network could support further gains.

xrp, xrpl, stablecoin supply, symmetrical triangle, breakout, fibonacci retracement, macd, rsi, bitcoin correction, oil prices