Market expert AIM Buster has called for calm among XRP proponents, suggesting that the altcoins’s consolidation phase is almost over, and a quick upside move is on the horizon.
XRP has had a long period of price stagnation despite growing traction and institutional influx into the cryptocurrency market. For instance, the seventh-largest crypto asset last traded above $1 almost three years ago and is down 4.47% from its price year-over-year.
While sentiments around the XRP community remain mixed, analyst AIM Buster has insisted that the consolidation phase is almost over. Per his Monday analysis, XRP is about to break out of its multi-month descending triangle.
Analyst Expects Big Reckonings
AIM Buster noted that the impending breakout would trigger a “big big reckoning” in XRP price. The market expert noted that when the move comes, it will be explosive and will drive the crypto asset to double figures.
Notably, the analyst cited his earlier speculation, stating that nothing has changed from the plan. In the August 2023 analysis, AIM Buster tipped the chart pattern to create “generational wealth” for traders, as XRP will target double digits if it comes to fruition.
Meanwhile, the speculation aligns with price expectations from another top market commentator, ANBESSA.
In the October 28 post, the analyst noted that XRP is getting tighter in its ascending triangle and predicted a possible breakout by next year. However, he stated there would be a confirmation of the upward momentum before he gets excited.
Explosive Run Underway?
Interestingly, another analyst believes XRP has already broken out of its descending triangle on the 1M timeframe and expects an impending explosive price action. Pseudonymous commentator Random Crypto Pal stated that the breakout and the tightening of the Bolinger Band show an upsurge is imminent.
He cited similar price actions in XRP’s historical chart, which confirms his assertions. He noted that XRP surged 71,381% and 1,602% in 2017 and 2021, respectively, when the Bolinger Band tightened as it is on the chart.
Meanwhile, XRP is up 1.21% in the past 24 hours, trading at $0.5232 at the time of writing. Notably, the trading volume is up 65% to $993.5 million as the coin’s traction sees an uptick.
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