Market expert “Michael XBT” has identified a specific timeline for XRP to break its 7-year symmetrical triangle formation.
A few days ago, MichaelXBT proclaimed that XRP was on the verge of breaking out from its giant 7-year downtrend. The bullish sentiment has since sparked reactions from community members concerning the precise timing of the breakout amid the prolonged waits.
In response to the queries, Michael pointed to August as the month when this significant event might occur, leading to widespread discussions and predictions.
August
— Crypto Michael (@MichaelXBT) July 26, 2024
XRP Giant Symmetrical Triangle Pattern
In a July 17 post, MichaelXBT emphasized that the 7-year symmetrical triangle pattern observed in XRP’s chart is unprecedented in the crypto market per his observation.
This bullish formation typically precedes a period of consolidation after an initial price surge, indicating a potential for resumed upward movement. The pattern is characterized by a strong upward trend, followed by a series of converging lower highs and higher lows. For XRP, this formation began after reaching a peak of $3.84 in January 2018 and has persisted.
MichaelXBT’s prediction of an August breakout from XRP’s 7-year symmetrical triangle pattern has elicited various responses from the community. Some users have humorously noted the long-term nature of XRP’s potential breakout and how no one else has ever gotten the prediction right.
Amid doubt about the timeline, Michael has clarified that XRP is nearing the critical point of this formation, and a breakout must occur within the coming weeks.
Meanwhile, others have speculated that external factors, such as the resolution of ongoing legal issues, could impact the timing of the breakout.
It is at the Apex of the pennant. It literally has to break within this next few weeks.
— Crypto Michael (@MichaelXBT) July 26, 2024
Market Indicators Are Positive
Technical analysis further bolsters the breakout narrative. The red bars in the Santiment chart below represent the number of new assets issued on the XRP Ledger daily. There is a significant increase in the number of new assets issued towards the end of July.
Note that an increase in new assets issued can indicate growing interest and activity on the XRP Ledger, which can positively impact XRP’s price. Additionally, increased development activity in late July suggests ongoing project improvements, which could enhance investor confidence.
This Bitcoin Maxi Trades XRP For Profits
Further proving the bullishness in XRP among the community, MMCrypto, a well-known Bitcoin maxi, revealed that despite not favoring XRP, he trades the asset for substantial profits.
He recently shared details of a lucrative leveraged trade in XRP, which has generated impressive returns, including a 48.21% gain on a trade opened at $0.5757 with 10X leverage, resulting in an unrealized profit of $11,987.
Currently, XRP is trading at $0.608626, supported by a 24-hour trading volume of $960,672,503.
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.
