Popular market watcher Blockchainedbb speculated that the long-term consolidation of XRP could pave the way for a massive breakout and price surge.
Blockchainedbb made the assertion on X yesterday, emphasizing that the price of XRP could rally significantly following a potential breakout from its consolidation range of $0.52.
The analyst stated that XRP has been trading within the range for more than 700 days, indicating a period of consolidation where the asset’s price has been limited to a particular level.
Blockchainedbb attached a chart to the tweet showing that XRP’s price struggles around the crucial level of $0.52.
XRP Rally on the Horizon
According to Blockchainedbb, long consolidations, like the one XRP has witnessed, often precede significant price movements. Technically, the analyst suggested that when XRP eventually breaks out of this consolidation phase around $0.52, it could witness a substantial price rally.
The expert further speculated that breaking out of the consolidation range and a subsequent retracement back to the level could serve as a suitable entry point for long-term investors.
The analysis suggests that this type of breakout signals a shift in market sentiment, potentially leading to sustained price increases in the long run. Nonetheless, Blockchainedbb urged their followers to wait and observe whether XRP’s potential breakout would lead to a price uptick.
$XRP has consolidated for more than 700 days . Long consolidations usually breaks out big and squeezes up .
Break out of this range and retouch is a good entry for long term .
Let’s wait and see pic.twitter.com/Nzoy1dtmXm— Blockchainedbb (@blockchainedbb) June 4, 2024
XRP’s Potential Breakout from Symmetrical Triangle
The Crypto Basic also confirmed that XRP’s price has consolidated inside a Symmetrical Triangle for months, indicating waning interest among traders. Consequently, XRP has witnessed higher lows and lower highs inside this triangle since April.
Despite large investors scooping huge amounts of XRP from crypto exchanges, XRP has not recorded any significant price movement recently. Since April 24, XRP has been trading within the $0.48 – $0.54 range.
At the moment, XRP was changing hands at $0.5262, marking a surge of 1.48%. However, XRP was down 0.5% in the weekly charts, 1.6% in 14 days, and 1.7% over the past 30 days.
As XRP continues to consolidate within the $0.52 level, Blockchainedbb and other analysts believe that the coin could be preparing for a massive breakout that could take its price to unprecedented levels.
In particular, World of Charts projected that XRP’s price could surge to $2.37 when it eventually breaks out from the symmetrical triangle.
DisClamier: 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 opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
