While a top economist notes that XRP is still trading within its six-year symmetrical triangle, other analysts expect a rally due to a breakout from the three-year triangle.
XRP’s underperformance over the past few years has triggered the formation of multiple symmetrical triangles on several timeframes. The largest of these triangles formed when XRP dropped from the $3.31 all-time high in January 2018, having lasted for over six years now.
Besides this six-year symmetrical triangle, XRP has formed two smaller triangles. One of these came up on the back of a collapse from the $1.96 peak in April 2021. Meanwhile, the second began forming following XRP’s slump from the $0.93 high last July.
XRP Remains Within the 6-Year Symmetrical Triangle
Notable economist Market Maestro recently stressed that XRP has continued to trade within the six-year triangle, with no breakout in sight yet. His chart highlights XRP’s long-term trend since its all-time high in January 2018.
$XRP #XRP
The breakout hasn’t occurred yet! pic.twitter.com/yjNS5qdjJY— MarketMaestro (@MarketMaestro1) September 29, 2024
Market Maestro’s outlook advises caution, as XRP is still consolidating within this pattern. As the price consistently knocks at the $0.60 psychological level, it is close to the upper trendline but has not convincingly broken through yet.
In the chart, multiple indicators show that despite several attempts to push higher, XRP remains within a larger consolidation zone. Based on Market Maestro’s analysis, XRP will need more momentum or external catalysts to escape the triangle pattern.
XRP Breaches Smaller Triangle Variations
In contrast, market analyst Mikybull discussed a more immediate bullish sentiment. He focused his analysis on the three-year triangle pattern starting from April 2021 when XRP dropped from a high of $1.96.
$XRP is breaking out of the 3-year triangle pattern.
You know what that means- explosive rally incoming🚀 https://t.co/y8LqvdwBz5 pic.twitter.com/8QrpYXIJxl
— Mikybull 🐂Crypto (@MikybullCrypto) September 29, 2024
According to him, XRP is in the early stages of breaking out from this shorter triangle. The chart shows the beginning of an upward trajectory, with candles showing a strong push above the triangle’s upper boundary.
Mikybull predicts that this breakout will lead to an “explosive rally.” He expects this rally to potentially push XRP to a price range between $10 and $20 in the current cycle. The volume and momentum indicators point toward rising buying pressure, suggesting that XRP is gathering the strength for a price surge.
Another analyst, XForceGlobal, presents a similar argument to Mikybull, showing XRP’s breakout from a multi-year BD trendline. He noted that XRP has breached this important level and could consolidate further, with potential retests of the trendline.
$XRP
Ripple just broke the multiyear BD trendline.
If we get a few more weeks of staying above, and even retesting it, say hello to $7-10, no questions asked. pic.twitter.com/1doWC77UEK
— XForceGlobal (@XForceGlobal) September 29, 2024
If XRP holds above this level for a few more weeks, he foresees a sharp price increase to between $7 and $10. Like Mikybull, XForceGlobal’s analysis leans heavily on the idea that XRP is in the midst of a breakout, with the potential for sustained gains in the medium to long term.
Meanwhile, market analytical channel CryptoBusy called attention to XRP’s short term outlook. Analysts at CryptoBusy confirmed that XRP had broken above the symmetrical triangle that formed when it dropped from the $0.93 high last July.
This breakout triggered a 9% surge to $0.66 over the weekend. However, the short-term rally has cooled, with XRP now changing hands at $0.6466 at the reporting time. Despite this, the token remains above the pivotal $0.60 psychological level, pivotal for sustained uptrend.
