Prominent crypto analyst EGRAG CRYPTO (@egragcrypto) has provided a technical analysis of XRP’s current price movement, highlighting a symmetrical triangle pattern on the chart. This formation suggests a significant breakout is imminent, with January 16, 2025, marked as the latest date for a decisive move.
The direction of the breakout will likely set the tone for XRP’s performance in the first quarter of 2025, and the analyst has expressed confidence in an upward breakout.
#XRP – Perfect Symmetrical Triangle:
What Comes Next? 🤔Here’s the scoop, #XRPFamily:
1⃣Timing the Move ⏳:
🔹By no later than 16th January 2025, we’re set for a decisive breakout.
🔹This move will set the tone for Q1 2025.👉Scenario 1 – Break to the Upside 🚀:
🔹If we… pic.twitter.com/OJCYLxsd7x— EGRAG CRYPTO (@egragcrypto) January 5, 2025
Symmetrical Triangle Formation
The symmetrical triangle is a common chart pattern in technical analysis. It represents a period of consolidation. During this phase, the price oscillates between converging trendlines, indicating that buyers and sellers are evenly matched. As the triangle narrows, market pressure builds, culminating in a breakout.
EGRAG CRYPTO notes that the current formation is a perfect symmetrical triangle, with both trendlines converging evenly. He also identifies key levels for this potential move.
Key Scenarios for Q1 2025
XRP is currently trading at $2.38, and two primary scenarios emerge from EGRAG CRYPTO’s analysis:
Upside Breakout: If XRP breaches the upper resistance of the triangle, it could trigger a strong bullish rally. EGRAG notes that this scenario would likely lead to what the analyst described as “fireworks,” signaling robust upward momentum.
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A breakout could propel XRP to $2.60, a crucial resistance level recently identified by another analyst. Following this run, the asset could climb to extended targets as high as $3.77.
Downside Breakout: Conversely, if XRP falls below the lower support line, it could signal bearish dominance, resulting in a challenging start to 2025. EGRAG warns that this outcome might dampen investor sentiment for the quarter. This bearish scenario might see XRP decline to $2.00 or lower, potentially testing support at $1.64 and $1.37.
When Will XRP Make This Important Move?
According to EGRAG CRYPTO, the breakout is expected no later than January 16. Whether the price moves upward or downward, the result is anticipated to influence XRP’s trajectory well into Q1 2025.
However, with Donald Trump’s inauguration around the corner, a bearish breakout might not last long, as investors and analysts expect a massive rally after the inauguration. If the asset experiences a bullish breakout, the excitement following the inauguration could also give it a massive boost, potentially sending it to a new all-time high.
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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