Crypto market analyst Javon Marks has suggested that XRP is nearing a breakout from its multi-year symmetrical triangle.
In a tweet on Monday, Marks identified a similar pattern on XRP’s current chart that mirrored the asset’s famous 2017 breakout. With the similarity, the analyst implied that XRP would soon surge extensively as the break of structure is imminent.
Analyst Shows a Similar Channel Price Action
Marks shares an XRP/USD 14-day price chart, showing that history is on the verge of repeating. His analysis focused on XRP’s price action in the channel leading to the breakout.
The market expert noted that before the December 2017 breakout, XRP ranged within its symmetrical triangle. However, it made a false breakdown in July 2017, breaking downwards from the price structure to a low of $0.12700 before closing within the triangle.
Marks shows a similar pattern in XRP’s current breakout channel, where the asset made a false breakdown in the same month as the 2017 cycle. The 7th largest cryptocurrency by market cap broke to a yearly low of $0.38249 in early July but recovered quickly to continue trending in the symmetrical triangle.
Meanwhile, the crypto analyst also pointed to the similarity in the relative strength indicator (RSI) while XRP traded in the breakout channel in both years. The RSIs in both years followed a similar structure, confirming Marks’ assertion of a potential recurring price explosion after the imminent breakout.
XRP Targets After Breakout
According to Marks’ chart, he expects XRP to target the symmetrical triangle top after the breakout, as the asset did in 2017. As a result, XRP will target its all-time high of $3.84, which is 86.8% away from its current market price.
Meanwhile, if this cycle’s breakout fully mirrors that seen eight years ago, XRP would surge 42,308% from its breakpoint. Notably, a surge of that magnitude will ensure that XRP explodes to $215.6 per coin. However, this price point is largely unlikely due to the resulting market cap.
In the meantime, XRP trades at $0.5083, down 2.82% in the past seven days. With the asset holding a seven-year support line, bullish sentiments continue to prevail among the XRP community.
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