Technical analysis by cryptocurrency analyst U-copy suggests that XRP, a prominent digital asset, may be on the cusp of significant price movements in the coming months. This prediction hinges on a long-term accumulation phase and a symmetrical triangle formation that has been developing on XRP’s chart for over four years.
A Seven-Year Accumulation Pattern
U-copy’s analysis identifies two distinct accumulation periods for XRP. The first occurred from 2013 to 2017, and the second, a much longer phase, has been ongoing since 2018. During the earlier period, the price of XRP exhibited consolidation, ultimately leading to a substantial price increase.
Read Also: Analyst Says XRP Is on the Verge of a Major Breakout. Here’s why
The current accumulation phase spans seven years and suggests a sustained period of price stabilization within a defined range. Historically, such prolonged accumulation phases often precede significant price breakouts.
$XRP #XRP⏰Watch out May 15 – August. Final Gap filled at $0.46 & slowly moving backup & getting close to end of Triangle formation. 7 years long Accumulation from 2018-2024 will start to show real color of XRP in 2024 Bull Cycle.. Don't know target price but Shit could blow up… pic.twitter.com/ETc5EJxkwy
— U-COPY (@UCopy417) May 12, 2024
The Symmetrical Triangle and Breakout Potential
A prominent feature on the XRP chart is the emergence of a symmetrical triangle formation starting in early 2020. This pattern, characterized by converging lines formed by lower highs and higher lows, indicates decreasing volatility and price consolidation. Such formations are often seen as precursors to major price movements, either upwards or downwards.
The timeframe between May 15th and August 2024 is highlighted as a critical window. The anticipated conclusion of the symmetrical triangle formation during this period is expected to play a pivotal role in determining XRP’s future price direction.
U-copy’s analysis forecasts a potential bull cycle for XRP in 2024, driven by the culmination of the long-term accumulation phase and the potential breakout from the symmetrical triangle.
Historical Precedents and Analyst Predictions
Historical price movements associated with similar symmetrical triangle formations support this optimistic outlook. In February 2018, a symmetrical triangle formed on XRP’s three-week chart.
This formation preceded a nearly 66,000% surge during the 2018 bull run, when XRP’s price skyrocketed from $0.0053 to $3 in January 2018. The current, much longer-term symmetrical triangle suggests a similar potential for significant price movements.
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— TimesTabloid (@TimesTabloid1) July 15, 2023
Read Also: Analyst Shows XRP Is Gearing For 17,139% Rally To $107. Here Are Key Milestones
Other analysts have weighed in with their predictions for XRP’s future price trajectory. World of Charts forecasts a potential surge of 360%, pushing the price to $2.37 upon a breakout from the multi-year triangle.
Despite a recent price decline, XRP is currently trading at $0.5044 with a market capitalization of over $27 billion. While the immediate future holds some uncertainty, the long-term technical analysis suggests a potential turning point for XRP in the coming months.
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