Financial analyst JT with 25 years of experience in the traditional finance industry, has set his sights on XRP, predicting a significant price movement for the cryptocurrency before November. His analysis hinges on a key technical indicator: the symmetrical triangle.
XRP’s Extended Triangle Pattern
JT’s analysis focuses on a symmetrical triangle pattern within which XRP has been since April 2021. This pattern emerged following XRP’s surge to $1.96, followed by a corrective period. The correction drove the price to a cycle low of $0.2870 in June 2022, coinciding with the market turmoil triggered by the Terra implosion.
Read Also: XRP Price Analysis: This Technical Analysis Shows Bullish Outlook and Key Levels To Watch
Since June 2022, XRP has exhibited an uptrend, characterized by higher lows on the chart. However, the uptrend hasn’t been without challenges. XRP’s attempts to break out of the symmetrical triangle have been met with resistance from sellers, most recently in July 2023 (reaching $0.93) and March 2024 (reaching $0.7449).
Love it or hate it, something BIG is going to happen with $XRP before November.
One of the longest running triangles in the crypto market is approaching a date with destiny @ its apex. That apex happens to end in November (white line).
If the MACD can to turn up, Boom💥 pic.twitter.com/3tDaAOIfLj
— JT ✝️ (@JTheretohelp1) May 24, 2024
A Potential Breakout on the Horizon
JT’s analysis suggests that a breakout is imminent, with XRP likely to breach the upper trendline of the symmetrical triangle before November. This prediction is based on the extended nature of the pattern, being one of the longest-running triangles in the cryptocurrency market, persisting for over 25 months. JT anticipates the triangle to converge towards its apex within the next six months, strengthening his conviction of a breakout occurring in 2024.
MACD Indicator Adds Weight to the Breakout Theory
What supports the breakout theory is the Moving Average Convergence Divergence (MACD) indicator on JT’s chart. Since April 2021, the MACD has displayed a downward slope following a bearish crossover of the MACD and signal lines.
As XRP approaches the apex of the triangle, JT expects the MACD to potentially experience a bullish crossover, signaling a shift in momentum towards the upside.
While JT refrains from making specific price predictions in his report, other market analysts have offered their projections. Times Tabloid recently reported on analyst EGRAG who anticipates “impulsive waves” for XRP, with a price target as high as $66.
Similarly, analyst Casi suggests a potential breakout from a 6-year consolidation period, with XRP reaching targets between $8 and $13. It’s important to note that these projections are just that – projections – and should be considered alongside other market factors.
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— TimesTabloid (@TimesTabloid1) July 15, 2023
Read Also: Analyst Says XRP Is on the Verge of a Major Breakout. Here’s why
XRP’s Immediate Hurdles
Currently trading around $0.5228 with a slight 1.18% dip, XRP’s first obstacle is to surpass the Fibonacci 0.382 resistance level at $0.5303. Successfully breaching this level could pave the way for a further climb towards $0.55. On this journey, analyst sentiment points towards potential support from ongoing whale accumulation.
According to Santiment data, addresses holding significant amounts of XRP (10 million to 100 million tokens) have been accumulating, adding 460 million tokens to their holdings since April.
The confluence of a long-term technical pattern, a potential breakout signal from the MACD indicator, and ongoing whale accumulation suggests that XRP might be on the cusp of a significant price movement in 2024.
However, investors should conduct their research and due diligence before making investment decisions, as the cryptocurrency market remains inherently volatile.
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