Notable analyst Alex Clay has identified short- and long-term targets XRP investors can anticipate as the asset gradually breaks out of a giant symmetrical triangle.
In a recent post on X, Clay shared his insight about XRP. He highlighted that the asset is now breaking out of a symmetrical triangle configuration.
The analyst stressed that XRP has been in an accumulation phase for 2,275 days, or over six years, since its 2018 ATH. This period was marked by a challenging period of declining prices and a prolonged battle with the SEC.
Mid-Term Targets for XRP with 161% Surge
However, Clay is now optimistic that XRP is reversing its course, and as a result, he is bullish on the asset. He went on to outline mid-term and long-term targets that XRP enthusiasts can anticipate if the asset successfully breaks out of the downtrend.
Specifically, the analyst identified $1.258 as his most conservative mid-term target for XRP, while $1.57 represents the more ambitious goal for the asset’s mid-term trajectory.
Notably, with XRP trading at $0.6 at the time of reporting, achieving the higher target would imply a potential surge of 161.6% in the short term.
This projection comes at a time of increased optimism in XRP as the Ripple lawsuit is counting down to a final resolution. This month, XRP has skyrocketed by over 65%, though it is currently correcting most of the gains.
Long-term Targets for XRP with 416% Surge
Meanwhile, Clay expects XRP to only reach $3.1 in a longer time frame after breaking out of the symmetrical triangle structure. This is his most ambitious outlook for XRP for this bull season, as he projects the $3.10 to materialize around 2026. Notably, $3.10 would mark a substantial return of 416% from XRP’s current value.
#XRP/USDT$XRP is breaking out of the symmetrical triangle (2275 Days we were accumulating inside the one and fighting with SEC)🧐
I am bullish🚀
Mid-Term Target – 1.2580$
Mid-Term Target – 1.5700$
Long-Term Target – 3.1000$ pic.twitter.com/n6947GILxC— Alex Clay (@cryptclay) July 22, 2024
Clay’s analysis only considered the symmetrical triangle XRP formed after the 2021 peak of $1.96. Emphatically, he only sees XRP surpassing this target in this bull run. The analyst’s projections do not see XRP cracking the 2018 ATH of $3.84.
Some other market watchers have expressed similar views, even arguing that $2 is XRP’s peak for this cycle.
Meanwhile, more ambitious analysts are expecting XRP to expand by over 70,000% and trade in the triple-digit range after breaking out of its giant symmetrical triangle. They anticipate a repeat of the historical pattern where XRP expanded by over 700X between 2017 and 2018.