XRP (CRYPTO: XRP) surged to $1.27 Monday, breaking decisively out of the June descending triangle as $6.07 million in short positions got liquidated in 24 hours.

Descending Triangle Breaks Out With Volume Exploding 129%

XRP pushed through $1.14, then $1.18, and reclaimed $1.20 on its strongest volume since the early-June washout, forcing traders to reassess expectations for continued weakness.

The move cleared both the 0.382 Fibonacci level at $1.1702 and the 0.5 Fib at $1.2071, with price now testing the 0.618 Fib at $1.2440. 

Buyers have broken the descending trendline, the Parabolic SAR remains bullish at $1.0527, and the 20 EMA at $1.2069 now acts as support.

Derivatives confirm the…

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