XRP Price Breaks Out Of 6-Year Triangle, But Is A Rally To $1 Possible?
02 August 2024 - 12:30PM
NEWSBTC
The XRP price has been experiencing notable movements since the
last week of July, closely linked to updates about a potential
settlement between the SEC and Ripple. This anticipation has
significantly influenced XRP’s market performance, causing a
remarkable surge in its price as it skyrocketed from $0.599 to
$0.655 in just a matter of hours. Although the price has since
corrected, this rapid increase has once again highlighted XRP’s
potential and its ability to draw substantial investor
interest. According to a crypto analyst, XRP is just waiting
to break out of a symmetrical triangle in which it has consolidated
for years. A breakout of the triangle would mean intense, full,
bullish pressure on the price of XRP. XRP To Breakout Of
Symmetrical Triangle The analysis of the XRP price movement,
recently shared on the social media platform X by the prominent
crypto analyst Ali Martinez, has captured significant attention.
Martinez’s detailed examination reveals that the XRP pri has been
consolidating within a symmetrical triangle pattern for the past
six years. According to the monthly candlestick XRP price chart he
posted, this consolidation phase began after XRP reached its
all-time high of $3.40 during the early 2018 bull market, which
triggered a bearish run until it bottomed out at $0.11 in 2020.
Since then, XRP’s price has been characterized by a series of lower
highs and higher lows, which has resulted in the formation of the
symmetrical triangle pattern observed by Martinez. Symmetrical
triangle patterns typically indicate periods of consolidation
before a significant price movement. For XRP, this period of
consolidation has been notably prolonged, extending beyond the
usual timeframe expected for such patterns. This extended
consolidation has been further exacerbated by Ripple’s legal issues
with the SEC, which have stunted the crypto’s price since December
2020. A breakout from this symmetrical triangle would signal the
beginning of intense bullish pressure on XRP’s price, potentially
leading to a substantial upward trend. Martinez highlights that the
critical breakout point for XRP is around $0.90. He suggests that
surpassing this level could be the catalyst for a substantial
upward trend. In his own words, “A bullish breakout could occur if
#XRP surpasses $0.90.” XRP Price Rally to $1? The XRP price
has increasingly been in the spotlight in the past year as the
Ripple-SEC lawsuit seems to be drawing to a close. This increase in
activity has seen the cryptocurrency inch closer to the breakout
level of $0.90. On-chain data provides further insights into
the growing optimism around XRP’s future performance. Many
investors are anticipating a bullish run for XRP and are already
positioning themselves accordingly. According to data from
Santiment, there has been a notable increase in shark and whale
wallets over the past five weeks. These wallets, which hold at
least 10,000 XRP each, have seen a significant uptick. Wallets
falling into this category are now around 279,400 addresses, which
suggests increased accumulation. Featured image created with
Dall.E, chart from Tradingview.com
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