The price of XRP has seen significant movements since the last week of July, which is closely related to updates on the potential settlement. Between the SEC and RippleThis prediction had a significant impact on the performance of the XRP market, causing its price to surge 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 the XRP potential And its ability to attract significant interest from investors.
According to the cryptocurrency analyst, XRP is just… Waiting to go out A symmetrical triangle has been strengthening for years. Breaking out of the triangle would mean a heavy, complete and bullish pressure on the XRP price.
XRP is heading to break out of the symmetrical triangle
XRP price action analysis, Recently shared A tweet on social media platform X by prominent cryptocurrency analyst Ali Martinez has garnered a lot of attention. A detailed examination by Martinez reveals that the price of XRP has been consolidating inside a symmetrical triangle pattern for the past six years.
According to the monthly XRP price chart he posted, this consolidation phase began after XRP hit an all-time high of $3.40 during the bull market in early 2018, sparking a downward trend until it bottomed out at $0.11 in 2020. Since then, XRP has been marked by a series of lower highs and higher lows, creating the symmetrical triangle pattern that Martinez observed.
Symmetrical triangle patterns typically indicate periods of consolidation before a major price move. For XRP, this consolidation period was notably long, extending beyond the usual timeframe expected for such patterns. This prolonged consolidation was exacerbated by Ripple’s legal issues with the Securities and Exchange Commission, which have hampered the cryptocurrency’s price since December 2020.
A breakout from this symmetrical triangle would signal the beginning of intense bullish pressure on the XRP price, which could lead to a major uptrend. Martinez asserts that the critical breakout point for Ripple is around $0.90. He suggests that a breakout above this level could be the catalyst for a major uptrend. “A breakout could happen if Ripple goes above $0.90,” he says.
Will XRP price go up to $1?
XRP price is rising steadily He was in the center of attention. Last year, the Ripple-SEC lawsuit appeared to be coming to an end. This surge in activity brought the cryptocurrency close to the $0.90 breakout level.
On-chain data provides further insights into Growing optimism About the future performance of XRP. Many investors are expecting a rise in the price of XRP and are already positioning themselves accordingly. According to data from Santiment, there has been Significant increase in Over the past five weeks, shark and whale wallets have seen a significant increase in the number of XRP holdings of at least 10,000 XRP. Wallets in this category now have around 279,400 addresses, indicating increased accumulation.
Featured image created using Dall.E, chart from Tradingview.com