XRP Price Poised for 600x Breakout? Analyst Spots Recurring Pattern On XRP Chart

The possibility of a significant upswing in XRP value has attracted attention from prominent analysts, with some drawing parallels to the cryptocurrency’s meteoric rise in 2017. Two notable analysts recently shared similar predictions, further solidifying the belief that XRP is on the brink of a huge move.

Symmetrical Triangle and Historical Patterns

JD (@jaydee_757), one of the top XRP analysts on X, has identified a recurring pattern within XRP’s price history, pointing to a symmetrical triangle formation similar to the one preceding the 2017 bull run.

Read Also: Here’s When XRP Price Is Projected To Surpass $11

This triangle, spanning from late 2013 to early 2017, was followed by a breakout and a staggering 600x surge. The current chart suggests XRP nearing the apex of a similar triangle, potentially signaling an imminent breakout.

A Potential Hurdle Before the Surge

Intriguingly, the 2017 breakout was preceded by a notable downward spike, interpreted by JD as a “capitulation event” where some investors sold due to XRP’s underperformance compared to Bitcoin and the broader crypto market.

JD drew attention to this in late December, analyzing the same symmetrical triangle, and this raises the possibility of a similar sell-off before the potential breakout in the current cycle.

While Bitcoin has risen by 62% since September 2023, XRP sits at less than 3%, creating a noticeable gap and potential for anxiety-driven selling.

JD also highlighted the convergence of the Moving Average Convergence Divergence (MACD) indicator as a bullish signal, mirroring the 2017 scenario and potentially fueling an upswing. The 2017 surge was preceded by the MACD crossing zero, which JD shows will happen in the next few months, coinciding with the apex of the symmetrical triangle.

Read Also: Historical XRP Price Pattern Is About To Repeat. Here’s the Significance

Contention Reinforcing Bullish Predictions

Another analyst, TheCryptoSniper (@TheCryptoSniper), claimed that JD got the predictions from him and questioned the accuracy of using MACD in this context.

He believes that XRP is currently in a stage similar to December 2016, before things turned around in January 2017. The next steps are a decline (the flush out) and a massive surge (the melt-up).

Although he disagrees with JD’s methods and employs different analysis techniques, he still places XRP on the brink of a surge.

Current Market Performance and Future

XRP is currently trading at $0.5255, down 0.23% in the last 24 hours. Despite its poor performance, the Majority of the XRP community believes 2024 will be its year. Another prominent figure recently predicted a bullish run for XRP, and expectations are high for the popular digital asset.

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