Analysts point to a potential XRP breakout from an ascending triangle, targeting $0.74, which would translate to a potential 23%.
The price action of XRP has caught the attention of prominent analysts on X, pointing to a potentially significant breakout. Carl “The Moon,” the founder of CryptoJobs and technical analyst, recently posted about XRP trading within an ascending triangle.
The analyst observed that XRP had been within this formation for two weeks. Amid this observation, he highlighted a bullish target of $0.74 if a breakout occurs from the pattern.
XRP Targeting 23% Surge Upon Breaking Ascending Triangle
Notably, the attention to XRP’s recent price movement is driven by an ascending triangle pattern on the four-hour chart for the XRP/USDT trading pair on the OKX exchange. The Moon shared a snapshot on X, showcasing this pattern with an upper resistance line around the $0.62 level and an ascending support line from approximately $0.53.
XRP has been trading within this triangle for the past two weeks, with the price nearing the apex, suggesting an imminent breakout. Should the price break above the $0.62 resistance level, the measured move target for this pattern is approximately $0.74. Considering XRP hovers around $0.6 at press time, this target is a potential 23% increase.
Long-Term Consolidation Ending Soon
In a separate analysis, crypto analyst Yoddha emphasized XRP’s long-term consolidation phase in a 15-day timeframe. This long-term perspective illustrated significant historical price peaks after extended periods of consolidation], with major peaks above $0.02 in 2014 and surpassing $3.8 in 2018.
XRP is currently in a six-year consolidation phase, similar to periods before previous large rallies. Yoddha suggested that the current price action testing the upper boundary of the consolidation range points to a potential breakout. This analyst argued that the historical pattern shows that after years of low prices, XRP could be on the verge of a significant rally.
After years of consolidation $XRP might finally show us the rally: pic.twitter.com/X6grHg3NP7
— Yoddha (@CryptoYoddha) July 23, 2024
Technical Indicators Support Bullish Sentiment
Technical indicators also confirm the bullish trend for XRP. A daily chart for XRP/USD on the Bitstamp exchange, shared via TradingView, displays several key indicators.
Bollinger Bands plotted with a 20-day simple moving average shows that the price recently broke above the upper band, indicating increased volatility. The Relative Strength Index (RSI) is currently at 66.80, suggesting strong buying pressure but not yet in extreme overbought territory.
Selling XRP is Now Retarded Move?
Recall, The Crypto Basic reported market expert Alex Cobb’s assertion that selling XRP now would be a “retarded” move, highlighting six factors pointing to an imminent price blast. Cobb emphasized XRP’s recent breakout of a monthly trendline resistance, part of a six-year symmetrical triangle.
The current price of XRP is $0.6019, boosted by a 24-hour trading volume of $2,123,625,273. This price represents a 1.42% decline in the last 24 hours, though a 9.32% increase over the past seven days.
Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author’s personal opinions and do not reflect The Crypto Basic’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
-Advertisement-