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The price of the popular cryptocurrency XRP has been on a roller coaster ride in recent days, rising 48% over the course of the week and then falling 10%. There is nothing particularly dramatic about the move itself. Such a drop can be seen as a traditional correction of exorbitant growth amid political upheaval, and the main cryptocurrency, Bitcoin, updating its historical highs.
Arman ShirinyanHowever, this time, attention was drawn to the fact that the price of XRP "touched" the upper boundary of a huge triangle formed on the price chart of the popular cryptocurrency since the end of 2017. It is believed that the exit of the token's price from this pattern will be the biggest breakout in the history of the XRP price, similar to the triangles of 2013 and 2017.
It is not reasonable to expect the price to repeat those successes. Back then the XRP price rose by 60,000%. This time, however, the amount of the increase could be many times greater, even though it will be comparatively smaller in percentage terms.
Alex DovbnyaThus, some analysts are predicting that the completion of the triangle and a successful exit from it can take the price of the token to the $4.20 per XRP mark. Given that XRP is currently trading at $0.667, such an outcome would represent a 630% increase.
However, we have only seen the first concrete movement toward this breakout since July 2023, and we should not expect XRP to skyrocket by hundreds of percent immediately.
Arman Shirinyan
Godfrey Benjamin
Dan Burgin
U.Today Editorial Team
Vladislav Sopov