Prominent crypto analyst JackTheRippler (@RippleXrpie) has suggested that XRP’s accumulation phase is nearing its conclusion, potentially leading to a significant price increase. The analyst’s prediction is based on the formation of a triangle on the XRP chart.
A triangle is a chart pattern formed by two trendlines and prolonged consolidation. The upper trendline traces the lower highs of a digital asset while the lower trendline traces the higher lows. A triangle formed by price accumulation or consolidation is often seen as bullish, and the chart shows that XRP is on the cusp of a massive breakout.
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The triangle began forming in 2021 after XRP reached a high of $1.96 in April of that year. The chart provided by JackTheRippler indicates that XRP attempted to break through the triangle’s upper trendline in July 2023, following a favorable court ruling. The price climbed to $0.93 during that attempt but ultimately failed to sustain the breakout.
Implications of the Triangle Pattern
Despite the failed breakout effort, JackTheRippler’s chart shows that XRP is on a path to breaking through the triangle’s upper trendline. The theory behind this interpretation is that the consolidation period represented by the triangle signifies accumulating pressure from buyers. As the triangle constricts, a breakout becomes increasingly likely.
JackTheRippler’s analysis suggests that a successful breakout could propel XRP towards a price range of $3 to $5. According to the chart, this breakout might come in 2025.
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Is a $5-$10 Target Feasible for XRP?
The ongoing legal battle between Ripple Labs, the company behind XRP, and the U.S. Securities and Exchange Commission (SEC) is a significant external factor that could significantly impact XRP’s price. A resolution to the lawsuit could significantly influence investor sentiment and, consequently, the price of XRP.
The broader cryptocurrency market environment will also play a role in determining XRP’s future price trajectory. If the overall market experiences a bullish trend, it could provide tailwinds for XRP, potentially amplifying any gains resulting from a breakout from the triangle.
Another prominent analyst recently identified a slightly older triangle pattern with a $5 target. This adds credence to JackTheRippler’s analysis. This breakout could be the turning point XRP needs to dominate the crypto market.
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