The price of the native token of the XRP Ledger, XRP, could soon see an exponential price breakout after losing around 14% of its value over the last 30 days and dropping more than 27% year-to-date.
Despite the recent lull, a popular cryptocurrency analyst has recently suggested the cryptocurrency could soon see an explosive upward move after identifying similar price patterns throughout XRP’s history, pointing to symmetrical triangle breakouts.
In a post shared on the microblogging platform X (formerly known as Twitter) with his over 40,000 followers, analyst Javon Marks suggested that “something massive can be truly nearing” after pointing to the “way prices are coiling/shaping up combined with where the’ve come from (historical data) and high volume plus an already confirmed Hidden Bullish Divergence.”
A symmetrical triangle pattern is often used in technical analysis to identify potential breakout points or reversal of the prevailing trend.
A symmetrical triangle pattern is formed by drawing trendlines, one falling and another one rising, along a converging price range. To confirm a valid break and not a false one, traders should look for a surge in volume and at least two consecutive closes beyond the trendline, according to Investopedia.
Symmetrical triangles usually indicate that the price will continue in the same direction as before the triangle formed. Therefore, traders would expect the price to break upward if a symmetrical triangle follows an uptrend.
Marks’ analysis points to XRP’s past performance as a potential benchmark. In mid-2017, XRP’s price skyrocketed over 70,000% before reaching its all-time high in early 2018. Marks suggests that a similar, aggressive bull run could be forthcoming.
His short-term prediction involves a potential rally to $1.44, fueled by technical indicators. Reaching this price point, Marks argues, could trigger a breakout from a six-year price consolidation pattern that in the long run could see XRP exceed the $200 mark per token, representing a 45,000% jump from its current level at $0.04. This projection assumes a “full logarithmic follow-through” based on historical data.
In a more conservative scenario, Marks suggests XRP could still reach $15-$20 if the price pattern breaks, representing an increase of over 4,000% from current levels.
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