XRP is pushing to break out from a multi-year symmetrical triangle, a move which could trigger a major bull run for the coin.
XRP’s price action remains one of the most watched. Per top market analyst, World of Charts, asset is still attempting to breach the $0.6201 resistance region of the multi-year symmetrical triangle.
This week, XRP managed to break free from the triangle when it touched $0.67 but could not sustain the momentum based on the influence of the broader market’s volatility.
XRP Price and the Erratic Surges
The chart from World of Charts shows how XRP is yet to retest the $1.9761 peak it touched around April 2021. From this time to date, the coin has recorded a series of dumps and pumps that limited the attempt to break free.
$Xrp#Xrp Still Trying To Clear Multi Year Symmetrical Triangle Expecting Successful Breakout Soon After Successful Breakout Expecting Massive Bullish Wave In Coming Months#Crypto https://t.co/KIWel0U5Z5 pic.twitter.com/fRKM5WbZk9
— World Of Charts (@WorldOfCharts1) March 6, 2024
From the April 2021 high, it fell as low as $0.5067 in June 2021, before recording another upsurge to $1.4120 in September of that year.
This rollercoaster ride has characterized XRP’s growth and it has failed to impress its community with a break above the $1 price mark since it fell to a low of $0.2883 July 2022.
From this point, XRP’s best breakout came in July last year when it traded for $0.8875 upon the victory secured by Ripple in its legal battle with the US SEC over the status of XRP as a security.
The digital currency quickly backtracked from this level and has not made such notable moves lately even with the emergence of the spot Bitcoin ETF products.
Key Expert Expectations From XRP
With the ongoing attempt to break out from the multi-year symmetrical triangle, World of Charts is optimistic that XRP could soar as high as 360.63% to $2.3719, riding on the bull run that might accompany its breakout.
Another known analyst Captain Faibik also complemented this bullish call. However, he gave a more conservative price target of $1.6458 on a potential 253.36% surge.
While Captain Faibik did not give a potential timeline, World of Charts earlier noted that upon breakout, XRP could jump 2-3x in the mid-term. Overall, the near uniformity in their projection underscores what the future might hold for XRP.
$XRP is on the Verge of Massive Triangle Breakout..!!
If it Successfully Breaks out to the upside, XRP Bull run may begin. ✍️#Crypto #XRP #XRPArmy pic.twitter.com/Ur0VZ5Pe1b
— Captain Faibik (@CryptoFaibik) March 4, 2024
At the time of writing, the coin’s price and market capitalization are down 0.39% to $0.6239 and $34,103,345,012, with its trading volume trading at 29.6% to $1,978,677,545
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-
