Ripple (XRP) Is Poised For A Massive Breakout; Here’s When
XRP, the native cryptocurrency of the Ripple payment network, has faced challenges sustaining any significant price momentum over the past year. After hitting a peak of $1.96 in April 2021, XRP has since retreated 84.5% from its all-time high and currently trades around $0.5254.
The recent underperformance comes amid Ripple’s high-profile legal battle with the Securities and Exchange Commission (SEC). The legal battle was over whether XRP should be classified as a security. The dispute has led to the delisting of XRP from major cryptocurrency exchanges and selling pressure from former investors.
Also read: Gemini Unveils Plans to Launch XRP Perpetual Contracts
However, despite the ongoing headwinds, some analysts remain optimistic about the coin’s long-term growth potential. Seasoned market observer Crypto Rover sees a breakout on the horizon based on XRP’s price action over the past year.
The symmetrical triangle suggests an impending breakout for XRP
Crypto Rover notes that XRP has attempted to break out upwards from this triangle formation multiple times over the past several months. However, has failed to sustain any upside momentum.
However, the ongoing convergence of the triangle’s trendlines suggests that XRP is gearing up for a sustained rally out of this multi-month consolidation range. Based on historical instances of similar chart patterns, Crypto Rover speculates this breakout could occur within the next 8–10 weeks, pointing to a potential liftoff in mid–to–late March.
Also read: Dogecoin: How High Can DOGE Go After X Payment Integration?
Ultimately, while optimism persists, uncertainty still looms over the coin’s future trajectory. Crypto Rover himself declined to provide specific price targets. He only notes that traders should closely monitor developments over the next two months.
If XRP can finally garner sustainable buying volume to crack multi-month resistance, the considerable upside could quickly materialize. Until then, caution is still warranted despite growing hope of a long-awaited trend reversal.
Credit: Source link
