CryptoBull (@CryptoBull2020), a respected cryptocurrency analyst on X, recently shared insights into potential price movements of XRP based on a notable pattern in its chart. The chart shared by CryptoBull suggests that XRP is positioned for a significant breakout.
Is XRP About to Surge?
The chart displays a symmetrical triangle pattern on the daily time frame, formed after XRP reached its recent high of $2.86. This price action indicates a period of consolidation, which often precedes a breakout.
According to the post, the asset has hit its bottom, and CryptoBull expects it to experience two more weeks of consolidation before achieving a new all-time high.
A symmetrical triangle is a continuation pattern that reflects indecision among investors. In XRP’s case, the price is compressing between converging trendlines, signaling that a decisive move is imminent. This could either go upward or downward. However, CryptoBull anticipates an upward move, and many other analysts share this sentiment.
The critical support level identified on the chart lies around $1.96, XRP’s 2021 peak it surpassed in early December. This level will prevent further losses if the asset dips below $2. The two-week timeline places the date for the new all-time high at January 5, 2025, potentially giving XRP investors a significant New Year present.
Just spotted this, and it seems logical for #XRP:
1. Bottom is in.
2. Two more weeks of consolidation.
3. New ATH. pic.twitter.com/Outz7eR0Sz— CryptoBull (@CryptoBull2020) December 22, 2024
The Broader Market’s Bullish Sentiment
CryptoBull’s confidence in a positive outcome stems from the broader market sentiment and XRP’s recent price performance. Despite ongoing consolidation, its ability to maintain its position above $2 suggests strong buyer interest.
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XRP’s recent surge is attributed to favorable market conditions and growing optimism within the cryptocurrency sector. The digital asset peaked at $2.86 earlier this month, marking its highest value since 2018. This milestone has reignited discussions about its long-term potential and ability to reclaim its position among the top-performing cryptocurrencies.
The technical analysis aligns with broader expectations for XRP, especially as regulatory uncertainties surrounding Ripple, its parent company, appear to be easing.
Although not directly mentioned in the post, industry developments, such as Gary Gensler’s resignation as SEC Chair effective January 2025 and Paul Atkins’ nomination as his successor, are positive for XRP and the broader market.
XRP’s recent price action and the formation of a symmetrical triangle pattern highlight its potential for a significant move in the near term. The cryptocurrency is currently trading at $2.17, and all eyes will be on it over the next two weeks.
Disclaimer: This content is meant to inform and should not be considered financial advice. The views expressed in this article may include the author’s personal opinions and do not represent Times Tabloid’s opinion. Readers are urged to do in-depth research before making any investment decisions. Any action taken by the reader is strictly at their own risk. Times Tabloid is not responsible for any financial losses.
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