XRP might be gearing up to reach the $130 price threshold in 2024, indicating a rally of 26,720% from its current price after seven years of trading below expectations.
XRP Captain, a crypto analyst and prominent member of the XRP community, made this prediction while discussing XRP’s price movements since 2017. The influencer presented a weekly chart detailing the formation of a symmetrical triangle.
XRP Forms the Symmetrical Triangle
Data from the chart shows that XRP has been trading within this symmetrical triangle over the past six years, having formed the lower trendline of the triangle from March 2017.
Notably, XRP staged an impressive run from early 2017, ending the year with remarkable gains. The rally spilled into 2018, leading to the all-time high of $3.31 in January 2018. As the asset continued to form higher lows during the 2017 rally, it formed the lower trendline of the symmetrical triangle.
The triangle’s upper trendline formed when XRP collapsed from the $3.31 all-time high. Since dropping below this threshold, XRP has been unable to reclaim the price point. Instead, the asset has witnessed persistent declines, confirming the formation of the upper trendline of the symmetrical triangle.
Attempts at Breakout
With both trendlines in place, XRP has continued to trade within the triangle. It first attempted to break above the triangle in April 2021. XRP rallied to a high of $1.9669, but it fell to bearish pressure amid the SEC’s lawsuit, which began in December 2020.
XRP again tried to engineer a breakout when it rallied to $0.93 in July, its highest value this year. The upsurge stemmed from the favorable ruling in the SEC lawsuit on July 13. However, despite the regulatory clarity the asset attained, it faced resistance at the upper trendline, leading to a correction.
XRP Captain believes XRP has been a victim of price suppression since 2017. According to him, this suppression resulted in the asset’s inability to break above the symmetrical triangle. The community figure says XRP will be rid of this suppression next year.
Getting rid of this suppression would lead to a breakout of the multi-year symmetrical triangle. XRP Captain sets a lofty price target of $130 for when XRP breaks out. For XRP to hit this target, it must rally 26,720% from its current price of $0.4847.
Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
-Advertisement-
