JD (@jaydee_757), a prominent analyst, has identified a significant price target for the cryptocurrency if it successfully breaks out of a symmetrical triangle pattern that has confined its movements for the past five years. JD sets a range of $5 to $8 as XRP’s first target in the event of a successful breakout.
Formation of the Symmetrical Triangle
The journey of XRP’s symmetrical triangle began with a descending upper trendline when the cryptocurrency fell from its all-time high in January 2018. While JD’s chart initially suggested eight years, it’s indeed a five-year pattern.
The triangle fully formed when an ascending lower trendline emerged in March 2020. XRP has remained within these trendlines, with the lower trendline acting as support and the upper trendline as resistance.
Both trendlines have gradually converged, signifying XRP’s trend of registering higher lows and lower highs. There were attempts to break above the upper trendline, most notably when XRP reached a high of $1.9669 in April 2021. However, resistance pushed it back.
In June 2022, XRP briefly dropped to $0.2870, challenging the lower trendline, but it found support and rebounded. In July of this year, another attempt to break above the upper trendline took XRP to $0.93, but resistance halted the progress and sent it back down over the next few weeks.
#XRP monthly close is tomorrow, & still w/in the Symmetric Triangle. If we can have a confirmed breakout, Green Box would be the target! Patreon/Discord – will post a DETAILED update tomorrow (5 charts!)
Retweet/Like for Monthly chart update on Twitter & Tradingview tomorrow!… pic.twitter.com/AKdGO3Mfxq
— JD 🇵🇭 (@jaydee_757) October 30, 2023
Will XRP Reach $8
According to JD, “If we can have a confirmed breakout, Green Box would be the target!” He believes that XRP could experience a significant rally if it manages to break out at the close of October.
This confidence in an upper breakout is rooted in XRP’s recent test of the lower trendline early this month. Should this breakout occur, the green box JD mentions is the target between $5 and $8, marking a potential new all-time high.
XRP is at a critical juncture with the potential to break out of a five-year symmetrical triangle, and JD’s analysis points to an exciting target of $8 if the breakout is realized.
Another Analyst recently predicted a target of $8 to $13 for the next bull run, and JD’s predicted jump to $8 could be a precursor to that. With these predictions, XRP might be the coin to watch in the coming weeks.
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