Despite recent volatility and sharp pullbacks, XRP, the third-largest crypto asset, has strongly maintained its position above the $2 price mark. With multiple indicators flashing bullish signals, the altcoin’s ongoing upward action may extend toward higher price levels in the upcoming days.

A Bullish Pattern Emerging On The XRP Chart

XRP has regained upside traction as the asset saw a sudden bounce on Monday. Its sudden upsurge has drawn the attention of the market, with crypto analysts predicting an impending surge toward key resistance levels.

After examining the current price action, Ali Martinez, a technical analyst and investor, has underscored the potential for XRP to surge in the upcoming days. Presently, the asset is capturing fresh attention in the crypto market as a compelling chart formation unfolds on the 1-hour time frame chart. 

Specifically, Ali Martinez highlighted that an Inverse Head and Shoulders pattern is emerging on the XRP’s chart, indicating a growing bullish momentum. With this pattern unfolding, it serves as a sign that the altcoin could be gearing up for a breakout move.

An inverse head and shoulders formation is a technical chart pattern that is characterized by a lower trough as the head and two higher troughs as the shoulders. This technical pattern is considered a bullish structure that hints at a change in direction from the downside to the upside.