Wednesday, June 19, 2024
HomeCryptocurrencyTop Analyst Sets Timeline for XRP Massive Surge After Symmetrical Triangle Formation

Top Analyst Sets Timeline for XRP Massive Surge After Symmetrical Triangle Formation

The crypto market has witnessed its fair share of rallies and crashes, with XRP on the receiving end of more crashes than rallies. XRP has been suppressed by legal hurdles in the form of the ongoing SEC lawsuit since 2020. Despite multiple major surges, the cryptocurrency has not reached its all-time high since 2018.

However, XRP has recently exhibited intriguing technical patterns that hint at a potential breakout soon. Crypto analyst Crypto Rover (@rovercrc) drew attention to this pattern on X, predicting that an XRP surge will happen in the next 8 to 10 weeks.

Read Also: This Historical Trend Has Something Bullish For XRP Price: Details

A Glimpse into XRP’s Price History

In 2021, XRP embarked on a remarkable surge, catapulting from $0.4665 to a peak of $1.9669 within a month. This meteoric rise coincided with broader market enthusiasm for cryptocurrencies. However, XRP could not reach its all-time high because the lawsuit with the U.S. Securities and Exchange Commission was already in full swing.

The lawsuit caused regulatory uncertainty for XRP leading to delistings on several exchanges and dampening investor sentiment. Consequently, XRP went into free fall, recording lower highs in subsequent months. The lawsuit hampered XRP’s adoption by major U.S. companies, effectively stifling its surges and progress in the crypto market.

The Pattern that Could Trigger a Surge

Amid the market turbulence, XRP has been forming a symmetrical triangle. The descending trendline of the triangle began after XRP’s aforementioned surge in 2021.

The digital asset saw a noteworthy shift in its price movements from October 2022 onwards. While lower highs continued, the token started registering higher lows, forming the ascending trendline and marking a potential turning point.

The symmetrical triangle pattern signifies a period of consolidation, where buyers and sellers reach an equilibrium, and a breakout in either direction becomes increasingly likely.

Read Also: XRP Price Prediction Based On Bullish Cycle On XRP History

Breakout Attempts and Future Predictions

XRP has made two previous attempts at breaking out of the symmetrical triangle. The first occurred in July 2023, caused by the court ruling in Ripple’s favor, declaring that non-institutional sales of XRP are not securities offerings.

<

However, a subsequent retracement negated this breakout effort. A second attempt in early November met a similar fate, failing to reach the heights of the first attempt.

Despite these setbacks, Crypto Rover remains optimistic about XRP’s future. Based on the technical analysis, Crypto Rover’s prediction of a successful breakout from the triangle within the next eight to ten weeks places the potential time frame in mid to late March 2024.


Follow us on Twitter, Facebook, Telegram, and Google News

Tobi Loba
Tobi Loba
Tobi Loba is a passionate writer with a vast interest in the stock market. She joined the crypto ecosystem about three years ago and has written lots of ebooks and articles in relation to cryptocurrency and blockchain projects. Tobi Loba earned her degree at the University of Ibadan.
RELATED ARTICLES

Latest News & Articles