The XRP price has been experiencing notable movements since the last week of July, closely linked to updates about a potential settlement between the SEC and Ripple. This anticipation has significantly influenced XRP’s market performance, causing a remarkable surge in its price as it skyrocketed from $0.599 to $0.655 in just a matter of hours. Although the price has since corrected, this rapid increase has once again highlighted XRP’s potential and its ability to draw substantial investor interest.
According to a crypto analyst, XRP is just waiting to break out of a symmetrical triangle in which it has consolidated for years. A breakout of the triangle would mean intense, full, bullish pressure on the price of XRP.
XRP To Breakout Of Symmetrical Triangle
The analysis of the XRP price movement, recently shared on the social media platform X by the prominent crypto analyst Ali Martinez, has captured significant attention. Martinez’s detailed examination reveals that the XRP pri has been consolidating within a symmetrical triangle pattern for the past six years.
According to the monthly candlestick XRP price chart he posted, this consolidation phase began after XRP reached its all-time high of $3.40 during the early 2018 bull market, which triggered a bearish run until it bottomed out at $0.11 in 2020. Since then, XRP’s price has been characterized by a series of lower highs and higher lows, which has resulted in the formation of the symmetrical triangle pattern observed by Martinez.
Symmetrical triangle patterns typically indicate periods of consolidation before a significant price movement. For XRP, this period of consolidation has been notably prolonged, extending beyond the usual timeframe expected for such patterns. This extended consolidation has been further exacerbated by Ripple’s legal issues with the SEC, which have stunted the crypto’s price since December 2020.
A breakout from this symmetrical triangle would signal the beginning of intense bullish pressure on XRP’s price, potentially leading to a substantial upward trend. Martinez highlights that the critical breakout point for XRP is around $0.90. He suggests that surpassing this level could be the catalyst for a substantial upward trend. In his own words, “A bullish breakout could occur if #XRP surpasses $0.90.”
XRP Price Rally to $1?
The XRP price has increasingly been in the spotlight in the past year as the Ripple-SEC lawsuit seems to be drawing to a close. This increase in activity has seen the cryptocurrency inch closer to the breakout level of $0.90.
On-chain data provides further insights into the growing optimism around XRP’s future performance. Many investors are anticipating a bullish run for XRP and are already positioning themselves accordingly. According to data from Santiment, there has been a notable increase in shark and whale wallets over the past five weeks. These wallets, which hold at least 10,000 XRP each, have seen a significant uptick. Wallets falling into this category are now around 279,400 addresses, which suggests increased accumulation.
Featured image created with Dall.E, chart from Tradingview.com
Credit: Source link