XRP Poised for Massive Rally: Symmetrical Triangle Breakout Imminent

June 8, 2024 at 02:10 AM GST updated: June 8, 2024 at 01:35 AM 2 mins read News

XRP’s price has remained stable between $0.50 and $0.53 since April despite a surge to over $0.71 in March.
Analysts anticipate a potential breakout from a long-standing symmetrical triangle pattern, sparking optimism within the XRP community.
CoinCodex predicts a 20.64% price increase for XRP, potentially reaching $0.632679 by July 7, 2024.

Anticipation is palpable within the XRP community as forecasts hint at an impending breakthrough from a long-standing symmetrical triangle formation.

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XRP’s price has remained relatively stable, oscillating between $0.50 and $0.53 since April, following a surge to over $0.71 in March amidst an early bull market phase. However, the coin’s ascent to the $1 mark has been thwarted by ongoing legal battles with the SEC.

Various analysts have been sharing comparable chart patterns, signaling a potential breakout on the horizon. One has sparked excitement among followers, suggesting an imminent significant surge in XRP’s value. Similarly, another crypto expert emphasizes the necessity of a 41% surge for XRP to rupture the triangle, drawing parallels to a previous breakout observed in 2017.

The historical performance of XRP further bolsters optimism, with a remarkable 61,150% surge witnessed in 2017. Analysts speculate on the potential for an even more substantial 61,390% upswing in the current bullish market, with projections hinting at a potential price target of $320.

XRP’s current price hovers around $0.525, marking a modest 0.44% increase over the past month. In the futures market, XRP trading activity witnessed a notable uptick in June, with open interest soaring to $1.24 billion, equivalent to $651.33 million.

As per the latest forecast from CoinCodex, XRP’s price is anticipated to increase by 20.64% and potentially reach $0.632679 by July 7, 2024. CoinCodex’s analysis indicates a bearish sentiment based on technical indicators, while the Fear & Greed Index registers at 77, indicating extreme greed in the market.