As Bitcoin’s (BTC) price continues to scale higher by the day, currently above $58,300, Ripple Labs-backed XRP has been attempting to break out of a macro bearish trend. The cross-border payments-oriented cryptocurrency has been trading in a triangular logarithmic consolidation since the end of the 2017 bull rally.
Having not crossed its 2018 all-time high (ATH) during the 2021 crypto bull rally, XRP price is well positioned to rally exponentially to a new ATH during this cycle.
Why Bet on XRP’s Inevitable Bullish Breakout
Ripple Labs is one of the oldest web3-focused companies working on integrating traditional finance and digital assets through XRP. Despite the notable legal headwinds from the lawsuit filed by the United States Securities and Exchange Commission (SEC) against Ripple, XRP has remained among the top ten most valuable digital assets.
In the past few years, Ripple has made strategic acquisitions of different web3 companies – including Metaco and Standard Custody – geared to improve the XRP liquidity, primarily through the On-Demand Liquidity (ODL).
XRP Mid-term Targets
Amid the ongoing crypto bullish breakout, XRP price has been consolidating in the apex of a macro triangular pattern that could lead to an imminent bullish breakout. According to a popular crypto analyst alias Captain Faibik on the X platform, XRP price is on the cusp of a parabolic move toward $2 in the near term.
Furthermore, XRP price against the US dollar on the weekly timeframe has reclaimed the 50 level on the Relative Strength Index (RSI). As a result, a consistent weekly close above 55 cents in the coming months will guarantee a rally towards the ATH.
