Crypto market investors eagerly await when XRP finally breaks free from its extended downturn and into a full-fledged bull trend as the larger crypto market progressively gathers steam during the bull season. Carl “The Moon,” a popular crypto analyst, recently sparked this conversation concerning XRP’s trend where he mentioned that XRP had been trading in a large symmetrical triangle for almost four years and wondered when it would break out.
However, since reaching an all-time high, XRP price candlestick formations have formed a giant potential symmetrical triangle pattern with today’s price range at the lower end of the pattern. As for XRP, it is essential to note that it has scaled various crucial values, including $3.84 of the all-time high it recorded in January 2018. However, since then, the performance of the asset has been on a downward spiral and has not recovered to its previous value in the current financial year. Even during the 2021 bull run, XRP attempted to break out of the symmetrical triangle but ultimately fell short, peaking at $1.96 before retreating. With XRP currently trading at around $0.60, the symmetrical triangle configuration has spanned over six years since its all-time high.
Also Read: Ripple Labs Transfers 150 Million XRP, Sparking Market Speculation
Analysts Predict Potential Breakout and Price Targets for XRP
Market analysts have repeatedly warned that the market is poised for a breakout, yet the wait continues. In a recent commentary, Alex Clay claimed that XRP is already breaking the symmetrical triangle chart pattern and that the potential resolution of the Ripple vs. SEC legal conflict may open the way for the phenomenon to progress faster. According to Clay, XRP may hit mid-term cautious objectives of $1.258 and $1.57 in the following days following a breakthrough, with the top target indicating a potential 160% increase from its current price of $0.60.
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Meanwhile, Clay expects XRP to reach $3.10 in the long term, a 416% increase from its current market value. Although Clay’s ambitious target still falls short of its 2018 ATH, other analysts have posited a potential $200 value for XRP upon a successful breakout, citing the violent pump that propelled XRP to its 2018 ATH.
In conclusion, as the broader crypto market gains momentum this bull season, all eyes are on XRP as it trades within a massive symmetrical triangle. Analysts predict that a breakout could lead to significant price increases, potentially reaching targets of $1.258, $1.57, and even $3.10 in the long term. With the end of Ripple’s legal battle with the SEC on the horizon, the possibility of a substantial surge in XRP’s value has become a focal point for investors and market watchers alike.
Also Read: Ripple CTO Urges Immediate Upgrade to Latest Rippled Version
Maxwell Mutuma
Maxwell is a crypto-economic analyst and Blockchain enthusiast, passionate about helping people understand the potential of decentralized technology. He writes extensively on topics such as blockchain, cryptocurrency, tokens, and more for top publications such as Coingape, Coin Edition, and The Coin Republic. His goal is to spread knowledge about this revolutionary technology and its implications for economic freedom and social good.