According to a recent analysis by Armando Pantoja, a prominent crypto figure and long-term investor, XRP is exhibiting signs of a significant breakout following a prolonged period of consolidation. Pantoja shared a chart highlighting a 7-year consolidation phase that XRP is now poised to exit.
This potential breakout could lead to substantial price movements, with Pantoja predicting that $100 is within reach. The chart shows XRP’s long-term consolidation within a symmetrical triangle pattern, a formation that often precedes substantial price movements.
Pantoja also noted that the cryptocurrency has maintained low volatility and has been trading near its 200-day Exponential Moving Average (EMA). This prolonged stability indicates the market is gearing up for a significant move.
$XRP is currently breaking 7-year consolidation. $100 is definitely in range.
Despite prolonged low volatility and hovering around the 200-day EMA, Firing Gary Gensler will be the catalyst for a bullish reversal.
💎 #XRP #Crypto #BullRun2024 pic.twitter.com/qci2ZlZc6f
— Armando Pantoja (@_TallGuyTycoon) November 2, 2024
Is XRP Going to $100?
Several factors contribute to the bullish outlook for XRP. The first is the technical pattern itself. Symmetrical triangles are known for decisive breakouts. Pantoja’s chart shows that a similar breakout sent XRP to its all-time high of $3.84 in January 2018.
Many analysts have expressed confidence that the digital asset can experience a similar surge. In this case, XRP appears to be breaking out upwards from the triangle, suggesting a potential bullish trend.
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Other analysts have also drawn attention to the same consolidation pattern. XRP has consolidated in an increasingly narrowing range since it dropped from its all-time high, and it is finally approaching the apex of the triangle that could send it to a new all-time high.
Another factor is the broader market sentiment surrounding Ripple and XRP. Despite some uncertainty because of its ongoing legal battle with the U.S. Securities and Exchange Commission (SEC), many in the community are confident that XRP is about to go on a historic rally.
Market participants are closely watching for any developments, particularly those related to SEC Chair Gary Gensler. According to Armando Pantoja, “Firing Gary Gensler will be the catalyst for a bullish reversal.”
Donald Trump promised to fire Gensler on day one if he becomes president again, and the Kamala Harris campaign has also shown a more crypto-friendly stance, suggesting that Gensler might not be part of her administration if she wins.
When Will XRP Reach $100?
In another response, Pantoja clarified that the $100 target is not for the current bull run. He is confident that XRP will rise significantly in the current cycle, but he believes the $100 target is for the long term.
Many in the XRP army are confident that a $100 price is coming. Although it may not be in this cycle, it provides reassurance that the digital asset will perform spectacularly in the current bull cycle.
Disclaimer: This content is meant to inform and should not be considered financial advice. The views expressed in this article may include the author’s personal opinions and do not represent Times Tabloid’s opinion. Readers are urged to do in-depth research before making any investment decisions. Any action taken by the reader is strictly at their own risk. Times Tabloid is not responsible for any financial losses.
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