TLDR
XRP has been consolidating within a symmetrical triangle pattern for the past six years
The cryptocurrency’s monthly volatility has dropped to record lows, similar to conditions before its 60,000% rally in 2017-2018
Analysts suggest a potential breakout could occur if XRP surpasses $0.90
Some predict extremely bullish targets, with one analyst suggesting an “ultimate breakout” target of $18.23
On-chain data shows increased accumulation by wallets holding at least 10,000 XRP
The XRP market has been garnering attention from analysts and investors alike as it shows signs of a potential major price movement after years of consolidation. Technical analysis and market indicators suggest that XRP may be on the verge of a significant breakout, reminiscent of its historic rally in 2017-2018.
According to crypto analyst Ali Martinez, XRP has been consolidating within a symmetrical triangle pattern for the past six years. This pattern began forming after XRP reached its all-time high of $3.40 in early 2018, followed by a bearish run that bottomed out at $0.11 in 2020. Since then, the price has been characterized by a series of lower highs and higher lows, resulting in the observed symmetrical triangle.
$XRP has been consolidating within a symmetrical triangle for 6 years! A bullish breakout could occur if #XRP surpasses $0.90. pic.twitter.com/YzW3jDuvF9
— Ali (@ali_charts) July 30, 2024
The critical breakout point for XRP is around $0.90, according to Martinez. Surpassing this level could potentially trigger a substantial upward trend. This analysis aligns with the observations of other market watchers who have noted similarities between current market conditions and those preceding XRP’s monumental 60,000% price rally in 2017-2018.
One significant indicator drawing attention is the Bollinger Band Width (BBW) on XRP’s monthly chart, which hit a new low in July. This reflects years of the XRP/USD trading pair moving within a narrower trading range. Historically, such periods of low volatility often precede major price movements. The current BBW reading is even lower than it was during the 2016-2017 session, which was followed by the 66,000% price breakout.
Some analysts are presenting extremely bullish scenarios for XRP’s future price. Crypto analyst Dark Defender has outlined a series of potential price targets, with the most optimistic being an “ultimate breakout” target of $18.23. This projection is based on a technical analysis of XRP’s 3-month chart, which shows a symmetrical triangle pattern nearing its apex.
Red Alert!
3-monthly candle (Jul-Aug-Sep) update
No further comments.https://t.co/tTL2Rln7kL pic.twitter.com/I5pKeOjQET
— Dark Defender (@DefendDark) July 29, 2024
Dark Defender suggests that a significant price movement could occur before the end of September 2024. The analyst identifies several key resistance levels, including $0.66, $0.93, $1.88, and $5.85, before reaching the ultimate target of $18.23.
On-chain data provides further insights into the growing optimism around XRP’s future performance. According to data from Santiment, there has been a notable increase in wallets holding at least 10,000 XRP over the past five weeks. The number of these “shark and whale” wallets has grown to around 279,400 addresses, suggesting increased accumulation by larger investors.
While the technical indicators and on-chain data paint a potentially bullish picture for XRP, it’s crucial to consider the broader context. The cryptocurrency market remains highly volatile and subject to various external factors, including regulatory developments and macroeconomic trends. The ongoing legal battle between Ripple and the SEC continues to be a significant factor influencing XRP’s price movements.
As of August 2024, XRP is trading at approximately $0.57. Whether it will break out of its long-term consolidation pattern and reach the ambitious targets set by some analysts remains to be seen. Investors and traders are closely watching key resistance levels, particularly the $0.90 mark, for signs of a potential breakout.
The post Bullish XRP Price Targets: From $0.90 Breakout to $18 Ultimate Goal appeared first on Blockonomi.
