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- Analysts delve deep into the movement of XRP above a six-year symmetrical triangle pattern and other smaller triangles in the quest to set a new all-time-high price.
- Two different crypto analysts have tipped XRP to trade between the range of $7 and $20 in the next bullish cycle.
Ripple’s XRP makes a significant move to break out of a “macro falling logarithmic trend,” breaching the $0.64 resistance level to hit $0.65, according to a chart shared by reporter Zach Rector. In our review of the analysis, it was observed that the asset had been in consolidation in a macro triangular pattern over the past six years. This implies that the current move above $0.60 positions XRP to breach the $1 psychological level. However, failure to sustain the momentum could “drag” the price below the $0.58 support level.
7 years in the making… #XRP pic.twitter.com/SkdJnMUu8I— Zach Rector (@ZachRector7) September 29, 2024
Has XRP Gone Past the Multi-Year Triangular Range?
According to an economist identified as Market Maestro, who recently reviewed the technical charts of XRP, the asset has not yet broken its six-year symmetrical triangle. In the last several years, XRP has formed multiple symmetrical triangles, with the largest formed after XRP dropped from its all-time high of $3.31 in January 2018. In addition to this, two other smaller triangles have been formed, with one completing its shape when the asset declined from its 2021 high of $1.96. The other one formed after XRP plunged from $0.93 in July 2023.
In an accompanying chart supporting his thesis, the analyst admitted that the asset has been making several attempts to push higher. However, it lacks more momentum or external catalyst to make this significant run.
Other Analysts Announces Their Findings
In a separate analysis by trader Mikybull, he emphasized that XRP is still in the early stages of breaking out of its shorter three-year triangle pattern, which was formed in April 2021. In a featured chart, the asset was showing a strong push above the triangle’s upper boundary. Specifically, the analyst believes that a successful breakout above this boundary would push the XRP’s price into the $7 and $20 range.
$XRP might hit $10-$20 this cycle.
The amount of bearish sentiment around this asset makes it possible to pull such returns. pic.twitter.com/BqPbynnwIY— Mikybull 🐂Crypto (@MikybullCrypto) September 28, 2024
Joining the XRP analysis, a renowned trader identified as XForceGlobal also pointed out that the asset has broken out of the multi-year BD trendline. In agreement with Mikybull’s prediction, this analyst expects the price to trade between $7 and $10 once XRP holds above its current level by a few more weeks.
According to analyst CryptoBusy, XRP has broken out of the symmetrical triangle formed last July after collapsing from $0.93. Amid this development, whale activities have considerably increased as they have accumulated 470 million XRP ($300 million) in the past ten days. Based on our investigation, more than $56 million worth of XRP has been moved out of the Upbit exchange alone in just 24 hours.
Investigating some of the reasons that have forced the current bullish momentum, CNF observed that the surge could be linked to the market rally and the ramped-up development of the XRP Ledger (XRPL).
At press time, XRP was up by 0.28% in the last 24 hours and 7.55% in the last seven days.
