According to Cointelegraph, XRP (XRP) has experienced a nearly 15% decline in October, primarily due to the United States Securities and Exchange Commission’s (SEC) renewed appeal in the Ripple lawsuit. Despite this downturn, some analysts view the drop as a potential buying opportunity. Historical price patterns and recent whale accumulation suggest that XRP could be poised for a significant rally in the coming months.
Analyst CryptoBull has noted a striking resemblance between XRP’s current price behavior and its 2017 bull market trajectory. During that period, XRP consolidated within a symmetrical triangle pattern before breaking out and rallying by 66,240% to a record high of $3.31. As of October 2024, XRP is nearing the apex of a similar triangle structure on its monthly chart. Such formations often precede strong directional moves, and if XRP follows historical precedent, a breakout could lead to substantial gains. The apex of the current symmetrical triangle is around $0.52. Should the price break above the upper trendline from this level around June 2025, the pattern’s potential upside target is near $23.40, representing an increase of over 4,200% in the coming years.
However, the SEC’s appeal in the Ripple lawsuit could pose a significant headwind for XRP’s bullish setups. If the agency successfully argues that XRP’s secondary sales to retail investors violated US securities laws, XRP could potentially break below the lower trendline of its prevailing symmetrical triangle pattern. This level coincides with its 50-month exponential moving average (50-month EMA) and the 0.236 Fibonacci retracement line. In the event of a breakdown, the next price target is around the 0.0 Fib line at $0.11, down 78.25% from current price levels.
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
