XRP could record a significant breakout from a multi-year symmetrical triangle it has traded in since late 2022, according to Crypto Rover, a prominent crypto YouTuber and market veteran.
Crypto Rover made this forecast while predicting XRP’s next price direction in the next eight to 10 weeks. In a post on X, the crypto analyst shared a weekly XRP chart detailing the cryptocurrency’s price movements since 2021.
XRP’s Drop from the 2021 Peak
Recall that XRP rallied to a $1.96 peak in April 2021 following a massive price rally that began in March of that year. The crypto token surged from $0.4665 in early March 2021 to $1.9669 in April 2021, marking a 321% increase within a month.
However, XRP collapsed from the $1.9669 high amid increased selling pressure. Some industry commentators ascribe this drop to the ongoing legal battle between the U.S. SEC and Ripple, which began in December 2020.
The lawsuit triggered a series of XRP delistings from multiple American and Canadian exchanges as the asset’s status remained contested. This resulted in a massive selloff campaign – a phenomenon that many believe impacted XRP’s ability to cross $1.9669 in April 2021.
Following the collapse from $1.9669, XRP continued to record lower highs in the following months. These lower highs led to the formation of an upper descending trendline on the weekly timeframe.
XRP Forms Symmetrical Triangle
Nonetheless, from October 2022, XRP showed resilience as it began recording higher lows. This pattern, which resulted in the formation of a lower ascending trendline, suggested that XRP had begun hedging against steeper declines.
The combination of the lower highs and higher lows led to the convergence of the upper descending trendline and the lower ascending trendline. This resulted in the formation of the symmetrical triangle, per data from Crypto Rover’s chart.
Notably, XRP has continued to trade within this symmetrical triangle since October 2022. XRP’s first attempt at a positive breakout came up on July 13, 2023, amid the rally to $0.93 in the wake of Judge Analisa Torres’ pivotal ruling in the Ripple vs. SEC case.
However, the rally was short-lived, as XRP recorded a retracement from late July to August. This retracement foiled the breakout attempt. XRP attempted to break out again when it rallied to $0.74 in November 2023, but another correction canceled this effort.
XRP Could Breakout in 8 to 10 Weeks
Considering its price movements, Crypto Rover asserted in his latest analysis that XRP would record a successful symmetrical triangle breakout in the next eight to ten weeks. This puts the breakout timeline from mid to late March.
While Crypto Rover failed to set any price target, other analysts have made bullish price forecasts for the asset. Meloneusk, a notable market watcher, predicts that XRP could clinch $1.042 in the near future. The analyst cited an ascending channel on the daily chart, among other metrics.
Despite the sustained bullish long-term outlook, XRP has continued to underperform in the short term. The token is down 2% over the past 24 hours and 7.69% in the last week. XRP currently trades for $0.5405, requiring a 92% rally to hit $1.042.
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