Cryptocurrency analyst Bird, known on X as @Bird_XRPL, has identified a technical formation on XRP’s 4-hour chart that closely resembles two previous setups which each preceded sharp price increases. Bird points to a developing third descending resistance trendline, noting that XRP is approaching important support regions and could be primed for another significant move.
The repeating chart setup
Bird’s analysis covers the period from July to October on Binance’s XRP/USD trading pair. On the chart, three downward-sloping resistance lines, colored in orange, appear at different stages. In previous cases, XRP experienced strong rallies after breaking through the first two trendlines.
Recalling recent history, the first breakout resulted in a rapid rally in August, which saw XRP surge more than 50% within 65 hours. The second breakout coincided with a more recent price jump, as XRP found support and rebounded sharply.
Bird highlights, “Three similar structures, one very interesting possibility.” He suggests that a similar outcome could follow if the pattern repeats for the third time, provided that XRP maintains its support levels and breaks the current resistance.
The new descending trendline now limits gains as price action consolidates close to both a key demand area and a steadily rising support line.
Mini dictionary: Binance is one of the world’s largest cryptocurrency exchanges by trading volume, offering spot and derivatives trading of a broad range of digital assets.
Key levels and breakout targets
The chart indicates a long-term ascending support trendline, colored white, which extends from below $1 and continues through October. A significant demand zone is outlined between $1.30 and $1.34, while notable resistance is concentrated in the $1.52 to $1.56 area.
At the time of Bird’s post, XRP traded at $1.3986, having pulled back from a recent high near $1.60 and settling just above the demand region. The price sits immediately above the ascending support and is approaching a technical decision point under the current descending trendline.
| Level | Zone | Significance |
|---|---|---|
| $1.30 – $1.34 | Demand | Key support |
| $1.52 – $1.56 | Resistance | Breakout trigger |
| $2.00 | Target | Projected upside |
The analyst’s expectations
Bird projects that if XRP breaks through the $1.52 to $1.56 resistance range, it could open the door for a move toward $2.00. This target is illustrated by a green arrow on Bird’s chart, representing a potential gain of roughly 43% from XRP’s current level. However, he cautions that confirmation above resistance is needed, along with sustained support at the $1.30 to $1.34 demand zone.
Bird notes no specific timeline for this possible breakout but states he is watching the setup closely as the third descending trendline develops.
The analyst underscores that a definitive move requires validation through a decisive breakout on strong volume, as technical patterns do not guarantee outcomes.
Bird is a chart analyst focused on the XRP Ledger ecosystem. While technical analysis provides insight into market structure and trader sentiment, price forecasts remain subject to change based on broader market conditions and investor behavior.
