A prominent analyst has suggested that XRP is finally cracking its six-year standing triangle, expressing conviction that a massive rally to $3.5 is coming.
XRP Breaking 6-Year Triangle
In a recent update on X, prominent analyst “JD” expressed astonishment at an intriguing development in the XRP market chart. JD conveyed a sense of joyous disbelief regarding XRP’s departure from the bearish trend that has persisted since its peak in 2018.
Specifically, JD declared that XRP appears to be breaking free from its six-year trendline. He underscored the potential for a substantial bullish surge once the breakout is ultimately confirmed.
#XRP – *Gasp!* A breakout after 6-years? Is this FOR REAL? 😱😱
If so, this will be MASSIVE!
RT/Like for updates next week if the breakout will be confirmed after weekly close! $XRP #XRPArmy #XRPCommunity
We will "NOT know what we hold 🤦♂️😂🤣" and take calculated profits! pic.twitter.com/5fTUs0ZPgq
— JD 🇵🇭 (@jaydee_757) March 2, 2024
JD shared a chart illustrating XRP’s performance since 2017 to support his argument. The chart revealed XRP’s subdued performance over the past six years following its historic rally, with a notable uptick only occurring in 2021.
Meanwhile, the recent Bitcoin-led crypto market frenzy has benefited XRP. In particular, JD’s observation of a breakout comes amid XRP rallying by 8.5% over the past 24 hours. The asset grew from a low of $0.5874 to a height of $0.6352.
Furthermore, XRP’s seven-day trajectory currently sits significantly higher at 16.5%. This noteworthy performance follows several weeks of relative passivity.
Building upon the observed breakout, JD argued that the forthcoming bullish rally could propel XRP toward the $3.5 mark once the pattern entirely breaks.
It is worth noting that XRP last reached this level in early 2018. Considering its current price of around $0.6348, a rally to $3.5 would represent a remarkable 451% gain.
Notably, JD has urged XRP investors to take calculated profits through its price rally towards $3.5.
More Analysts Bullish About XRP
Meanwhile, JD is not the sole analyst predicting that XRP will surpass the $1 threshold during this cycle’s rapidly escalating bull rally. Esteemed analysts like EGRAG set their sights at $2.
Besides, analyst Dark Defender has contended that XRP’s reclaiming of the $0.62 territory, which has materialized, could serve as the confirmation for a rally toward $2.