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XRP, the sixth-largest cryptocurrency by market capitalization might be on the verge of a massive price movement that could see substantial gains.
According to crypto analyst Ali Martinez, XRP has been consolidating within a symmetrical triangle pattern for the past six years. This long-term consolidation phase has kept the cryptocurrency in a tight trading range, but a bullish breakout could be imminent.
According to Ali, "XRP has been consolidating within a symmetrical triangle for 6 years. A bullish breakout could occur if XRP surpasses $0.90."
The symmetrical triangle pattern is a technical analysis formation that typically indicates a period of consolidation before significant price movement. For XRP, this pattern has been in play since the 2017-2018 crypto boom. Ali suggests that if XRP can surpass the critical resistance level of $0.90, it could trigger a bullish breakout.
A bullish surge to $0.90 represents 40% gains from current price levels. At the time of writing, XRP was up 2.81% in the last 24 hours to $0.649, outperforming the top 10. A breakout validated by this move might create massive upside potential for XRP.
Tomiwabold OlajideXRP has been on the rise since July 29 and is set to mark its fourth consecutive day of gains. Today's rise has produced intraday highs of $0.659.
XRP to $15?
The breakout target of a symmetrical triangle is calculated by taking the maximum distance between its upper and lower trendlines and adding it to the breakout point. Applying this to XRP's monthly chart may indicate a rise to $15, up around 2,200% from present levels.
The accumulation of XRP by large holders, often referred to as "whales," has been on the rise, indicating bullishness for XRP.
According to Santiment, the amount of wallets holding at least 10,000 XRP has skyrocketed in the past five weeks. A total of 279,400 of such shark and whale addresses exist on XRP Ledger, returning to a six-month high. The correlation between these wallets and XRP's market value has been undeniable throughout 2024.
Gamza Khanzadaev
Alex Dovbnya