Blockchainedbb (@Blblockchainedbb), a prominent crypto analyst on X, recently sparked discussion regarding XRP, suggesting a potential price surge. The analyst showed that XRP has been in an extended consolidation period and believes the digital asset is near the end of this consolidation, which would lead to a significant breakout.
Blockchainedbb highlighted XRP’s price behavior over the past 706 days. The token has been confined within a relatively tight range of around $0.52, signifying a prolonged consolidation phase. XRP was trading at $0.5284 at the time of Blockchainedbb’s analysis, and a chart accompanying the post visually confirms this price pattern.
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Extended consolidation periods often precede substantial price movements. In XRP’s case, a confirmed breakout above the $0.52 level where it has been consolidating could trigger a notable price rally. However, Blockchainedbb does not expect a straightforward breakout.
The analyst points out that a breakout, followed by a retest of the $0.52 level that has plagued XRP for this prolonged period, could be the signal for investors to enter the XRP market, describing this move as a “good entry for the long term.”
Technical Patterns Align with the Consolidation Theory
Further bolstering the breakout theory is XRP’s technical formation within a symmetrical triangle. This pattern is formed by an asset’s price forming lower highs and higher lows and could show reduced trading activity and consolidation.
The triangle pattern is visible on Blockchainedbb’s chart, and another prominent analyst recently showed a similar triangle, predicting a 4,000% increase when combined with a potential God candle forming on XRP’s chart.
Current Market Performance
Despite significant acquisitions of XRP by whales in anticipation of this breakout, XRP’s price has stayed stagnant, continuing its consolidation. However, this breakout could come sooner than many expect.
At press time, XRP trades at $0.5255, showing a 0.86% increase over the past 24 hours. XRP is down 0.6% over the past week and 0.62% over the past month, further highlighting the extended consolidation.
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While XRP’s current price action suggests continued consolidation around $0.52, many analysts believe a significant breakout is imminent. Blockchainedbb did not provide a specific target, but Pepa (@moonshilla), another prominent analyst, recently set a $110 target for XRP.
The possibility of a substantial XRP price breakout presents an intriguing scenario for investors. As Blockchainedbb advised, waiting to observe a confirmed breakout and retest could be the best strategy to avoid losses if XRP does not follow this pattern precisely.
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