XRP’s recent performance has drawn the attention of multiple analysts, and CasiTrades (@CasiTrades), an analyst with over 10 years of trading experience has thrown her hat in the race.
CasiTrades has set her sights on XRP’s future, particularly its potential price trajectory after a significant consolidation period. In a recent post, she identified price targets for XRP following a long-awaited breakout from its six-year triangular consolidation pattern.
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CasiTrades highlights XRP’s historical tendency to trade within triangles. These formations typically involve an initial price surge followed by a corrective phase that establishes a consolidation area.
This triangle pattern has been evident on XRP’s monthly chart since its peak of $3.84 in January 2018. While attempts at a breakout materialized in April 2021, with XRP climbing to $1.96, the attempts were ultimately unsuccessful.
However, CasiTrades believes XRP is primed for a decisive breakout from this six-year consolidation pattern. While acknowledging the uncertainty surrounding the exact height of the initial breakout wave, CasiTrades utilizes extension targets to project potential price zones.
These targets, ranging from $8 to $13, are derived by measuring from the apex of the current triangle ($0.54) to a hypothetical breakout high of $13. In late April, another prominent analyst set a $13 target for XRP, and CasiTrades’ prediction adds credence to it.
Are These Targets Feasible?
It’s crucial to recognize that these targets are flexible and contingent on the actual breakout point. Whether XRP reaches $8, $13, or even a higher value, adjustments will need to be made to the projected price zones.
Another critical factor influencing XRP’s post-breakout trajectory is the correction depth following the initial surge. CasiTrades anticipates a shallow correction (Wave A) with a potential retracement to around $8 (38.2% of the breakout move). This scenario would imply a less severe price decline before XRP resumes its upward climb, potentially reaching a target of $13.
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On the other hand, a deeper correction (forming an ABC Wave pattern instead of ABCDE) could lead to a more extended period of volatility before XRP finds support and resumes its upward trend. However, even in this scenario, CasiTrades maintains that the price movement would likely remain within $8 to $13.
It is crucial to consider external factors that might influence XRP’s price movement. The ongoing legal battle between Ripple and the U.S. Securities and Exchange Commission (SEC) has significantly hurt XRP.
A resolution to this lawsuit and a resurgence of institutional interest could provide significant upward pressure, potentially propelling XRP toward CasiTrades’s projected targets. Both parties are currently waiting for the final ruling on remedies.
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