A widely followed crypto analyst, “360 Trader,” argues that the XRP price is about to “explode” based on key observations of chart patterns on the weekly timeframe.
The XRP chart highlights an uptick in weekly trading volume and a symmetrical triangle pattern formed by converging trendlines.
Notably, XRP has been consolidating within this triangle for several months. Now, the price is approaching the apex of the triangle, where a breakout—either upward or downward—becomes increasingly likely.
While symmetrical triangles can signal movements in either direction, “360 Trader” suggests that XRP’s next move will be upward.
The chart identified the critical resistance level of $0.65, which remains the key price point to watch. If XRP successfully breaks above this resistance, it could trigger a more substantial price rally.
XRP is currently hovering around $0.5784, having seen consistent increases over the last seven days.
Volume Surge Confirms Bullish Sentiment
Alongside the symmetrical triangle approaching a breaking point, another strong indicator fueling the trader’s bullish sentiment on XRP is a rise in trading volume.
Over the past weeks, XRP’s trading volume spiked, confirming growing interest in the asset amid recent developments. Market data indicates that over 12.73 billion XRP were traded in the last seven days.
In the last 24 hours alone, XRP’s trading volume exceeded 2 billion, and in the last 30 days, a staggering 50.57 billion tokens have been traded.
Notably, market analysts believe that high volume during consolidation phases often precedes major price movements.
Additionally, 360 Trader’s chart highlighted an ascending trendline, which suggests that while XRP has struggled to break through resistance, it has maintained a steady upward trajectory since early 2023.
Charts Don’t Care About Emotion, XRP Set to Explode Soon
Based on these observations, with a particular emphasis on XRP’s weekly volume, the trader asserted that the price could skyrocket anytime soon.
He noted that market participants may choose to hate XRP—referring to skeptics—or love it, as enthusiasts do, but the chart does not care. “It will go with you or without you,” he said, emphasizing his confidence in an explosive price move for XRP regardless of popular sentiment.
Market commentators widely hold this bullish sentiment surrounding XRP. In an earlier update, Bitcoin analyst Max Schwartzman revealed his unexpected decision to accumulate XRP, citing insights from its historical charts.
He admitted he “never in a million years” thought he’d invest heavily in XRP but emphasized that “the chart never lies.” The analyst is targeting an eightfold return from XRP by next year.
Skeptics Weigh in
Meanwhile, skepticism persists about XRP’s prospects. Responding to the update, a community member asked 360 Trader to highlight a definite timeline for when “soon” might translate into action regarding XRP’s surge.
The commenter noted that similar calls have been made consistently for several years, yet XRP’s price has not significantly changed.
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.
