XRP, Ripple Lab’s flagship crypto asset, is well-acquainted with rigorous price swings, and recent trends in its chart make the next price action more consequential.
The digital asset rose 68% in the past week, but according to many analysts, this might only be the tip of a much larger iceberg.
Notably, XRP is now in the right place to complete an enormous triangle formation that has been forming since 2017. The question on everyone’s mind: Can XRP now replicate the performance of 2017 when it was up by an astonishing 60,000%? Or is it a much more moderate move on the cards?
XRP’s Recent Price Movements
In the past few days, the price of XRP has been on a roller coaster ride. The digital currency first surged by 48%, increasing its price to levels not seen in the last few months.
However, a 10% pullback soon occurred, which sparked debate about whether this rise might be unsustainable.
Many traders would be better off observing and interpreting this as a normal pullback after a ramp-up, especially in light of the overall market activity. For instance, Bitcoin has recently reached new all-time highs and dragged along many alts, such as XRP.
Despite the volatility, one key factor has captured the crypto community’s attention: Currently, XRP trades slightly below the upper end of an enormous trading triangle.
According to analysts, technically, this pattern is important since a breakout is possibly one of the biggest in XRP history. The last time such a formation occurred was in 2013 and 2017 when XRP jumped by an incredible 60,000%.
Potential for a Monumental Breakout?
What is the reason behind the interest in the current technical pattern of XRP? The chart formation that XRP is developing is not just any ordinary chart pattern – it is one that, in the past, has preceded some highly impressive rallies.
Should the token escape this formation, however, as some analysts anticipate, then expect a massive movement, with the price of XRP shooting to $4.20, 630 % up from its current value of $0.67.
XRP may not repeat the spectacular 60,000% bull run it achieved in 2017, but even modest arithmetic reveals further upside.
However, some uncertainty remains, while other technical indicators suggest the breakout might happen. The past few market upswings have originated from expectations and hearsay from the outside world.
One of the biggest speculations is that Brad Garlinghouse, the CEO of Ripple, may have boarded executives in the administration of US President-elect Donald Trump to discuss cryptocurrency regulation.
While this has yet to be confirmed, the rumor has sparked widespread discussions on X (formerly Twitter), with many seeing it as a sign of growing institutional interest in XRP.
Investor sentiment is further bolstered by the increasing volume of trades and technical indicators like the MACD (Moving Average Convergence Divergence), which shows signs of bullish momentum.
In $XRP last time we saw a pattern like this, it went from pennies to over $3.
Now we’re seeing it again:
Symmetrical Triangle Pattern + MACD + Increasing Volume = target of $8-$30.
This is your last change for #XRP under $1. pic.twitter.com/n8aErJ342b
— Armando Pantoja (@_TallGuyTycoon) November 12, 2024
Some analysts, like Armando Pantoja (@_TallGuyTycoon), have drawn attention to the symmetrical triangle pattern, the rising volume, and the alignment of the MACD, projecting a target price range between $8 and $30 for XRP.
What’s Next for XRP?
With the breakout near, traders and investors fixate on minor XRP movements. While some expect to see the sort of spike in prices that 2017 produced in the run-up to the holiday season, others are frustrated with their expectations.
The action in the near term in XRP is the key over the next few weeks. It will determine whether or not it can finally break out of the triangle on the chart and start moving toward new all-time highs.
The crypto market waits in anticipation, with XRP at a critical juncture. The question remains: Will history repeat itself, or will the digital asset settle into a new, stable price range?
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