Famous crypto expert DustyBC highlights a major factor that could make XRP go crazy and stage a significant rally toward higher levels.
In a recent tweet, the analyst shared an XRP chart confirming that the asset has consolidated around the $0.60 price territory.
This led to the formation of a symmetrical triangle on the chart, with the upper trendline sloped downward while the lower trendline was in an ascending position, signaling a consolidation phase.
Notably, XRP bulls aim to break out of the upper trendline, which currently stands as a resistance level for the asset. DustyBC suggested that XRP’s price will skyrocket massively if it breaks out of the triangle to the upside.
According to DustyBC, XRP could potentially surge to $2.3 or higher if it successfully breaks out of the symmetrical triangle, especially above the upper trendline.
Other Analysts Share Similar Sentiment
Meanwhile, DustyBC’s analysis aligns with a similar view recently shared by popular market watcher Captain Faibik.
As reported earlier, Faibik noted that even though XRP is in a consolidation phase, the seventh-biggest cryptocurrency by market cap could stage a rally to $2.5 if it breaks out of the symmetrical triangle to the upside.
Last month, popular analyst JackTheRippler suggested that XRP’s current symmetrical triangle is similar to the one observed in 2017. The analyst claimed that XRP staged a 60,000% rally after it broke out from the symmetrical triangle in 2017. Therefore, he projected that XRP could replicate a similar performance if it breaks out from the current symmetrical triangle.
At press time, XRP is currently changing hands at $0.6088, marking an increase of 1.56% over the past day. Similarly, XRP is also up 8.01% in the weekly charts and 0.21% in the past 30 days.
Although XRP’s recent gains have been minimal, community members have remained optimistic about the asset’s potential for significant rallies. This confidence soared after U.S. District Judge Analisa Torres issued the highly anticipated final judgment in the SEC v. Ripple lawsuit.
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