Analyst Spots 21,900% XRP Rally Potential on 44-Day Chart Pattern

XRP has been consolidating for the past few weeks, reaching lows of just above $0.46 and highs of $0.57. Despite some swings, the digital asset has stayed largely around $0.5, and this consolidation is particularly interesting when considering the broader context of XRP’s price history.

Since its all-time high of $3.84 in January 2018, XRP has experienced a series of volatile swings. Crypto analyst Pepa (@moonshilla) recently showed that XRP’s price has remained within a symmetrical triangle on the 44-day chart. This pattern suggests a potential breakout on the horizon.

Read Also: Is XRP on the Verge of a Bull Run? Top Chartist Shares Bullish Signals

The significance of Pepa’s analysis lies in the extended timeframe of the symmetrical triangle. This six-year triangle is one of the longest consolidation phases in the crypto market’s history, and other analysts have set various targets based on a similar technical formation, all pointing toward lofty targets.

While symmetrical triangle breakouts can occur in either direction, Pepa shares the bullish sentiment. He anticipates a breakout by June 25, with the candle closing above the triangle’s upper trendline, confirming the breakout.

The lead-up to this potential breakout presents a strategic entry point for investors. If the closing price confirms the upward trend, a massive rally could start. He states that he is holding and waiting for the breakout to materialize. He advises that investors buy immediately after the breakout is confirmed to maximize profits.

Uncertainty in the Crypto Market

However, we must acknowledge the uncertainty surrounding the market. The crypto market is well-known for its volatility, and recent data from Santiment reveals contrasting trends among different tiers of XRP holders.

While investors holding between 10 million and 100 million XRP have accumulated 390 million XRP in the last two weeks, those with larger holdings (1 million to 10 million XRP and 100 million to 1 billion XRP) have distributed a combined 140 million XRP during the same period.

Read Also: Analyst Says XRP Is on the Verge of a Major Breakout. Here’s why 

This divergence reflects cautiousness and indecision within the XRP investor community.  The Accumulation/Distribution metric, which has remained stable at 9.9 billion XRP since April, further reinforces this observation. The lack of a definitive shift towards accumulation or distribution highlights the prevailing uncertainty.

However, Pepa’s chart tells a more exciting story, as the analyst shows a target of $110 for the digital asset. This ambitious target is 20,840.4% higher than XRP’s current price of $0.5253. Other analysts have set similar targets, reinforcing the belief that XRP is headed for a triple-digit price.

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