XRP has been trading within a six-year symmetrical triangle, and the excitement is increasing as the digital asset is about to break the confinement.
Prominent market analyst EGRAG CRYPTO (@egragcrypto) has identified this pattern and suggests it could culminate in a significant price breakout in 2024, with two potential trajectories depending on the timing.
Since January 2018, XRP has remained within a narrowing corridor defined by a symmetrical triangle. This pattern formed after the 2017 bull run, which resulted in an all-time high of $3.84 in January 2018.
The subsequent price decline established the upper trendline, while XRP’s continued lower highs and higher lows formed the lower trendline of the symmetrical triangle.
Past Breakout Attempts and a Bright Future
XRP’s first breakout attempt was in April 2021, pushing XRP to $1.96. However, the lack of broader market support and the aftermath of the SEC lawsuit against Ripple sent the price tumbling.
Now, as XRP approaches the apex of the triangle, and the XRP lawsuit is near its end, the analyst has presented two possible scenarios.
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Blue Route
EGRAG CRYPTO predicts a “Blue Route” breakout in January 2024, potentially propelling XRP to $6.4. This target translates to a remarkable 914.4% surge from its current price of $0.6309.
The analyst stated, “The positive indicators on various charts that were shared previously, make me favor the Blue Route. January 2024 might just be the moment when things really start moving!” He added that this route will see XRP breakout early, and enjoy a steady climb.
Read Also: Garlinghouse Says If He Understands XRP Price Dynamics, He Could Resign As Ripple CEO
Green Route
If XRP follows the “Green Route,” it will experience a breakout in July 2024 but will offer a more dramatic scenario. If XRP stays confined within the triangle for another seven months, the ensuing price surge could reach a staggering $22.3, marking a 3,434.6% increase from its current value.
While EGRAG CRYPTO favors the earlier January breakout due to current bullish indicators, he acknowledges the Green Route’s potential impact. Although XRP will break out late, it will bring significantly higher profit.
An Optimistic Outlook for XRP
EGRAG CRYPTO emphasizes that although the technicals favor a near-term breakout, unforeseen market shifts could influence the timing. The XRP army, however, can anticipate an exciting year ahead, regardless of the timing of the potential breakouts.
With the symmetrical triangle nearing its apex, XRP will experience a significant move in 2024. This thrilling potential is a major reason why a notable crypto figure has described XRP as the standard for the next bull run.
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