Ripple’s (XRP) has not produced substantial pumps this year. It’s been hovering around $0.45-$0.60 throughout 2024. At press time, it is trading around $0.57. Despite this, some analysts are still optimistic about XRP.
Crypto expert “@WorldofCharts1” on X shared with his 34.5k followers that an XRP Solid project with massive adoption recently got cleared from the SEC and is technically on the verge of an enormous breakout.
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XRP Chart Analysis: Symmetrical Triangle Indicates Consolidation
The symmetrical triangle pattern visible on the XRP/USDT chart points to a phase of consolidation, where price volatility has gradually decreased over the past few years. This pattern is often seen as a precursor to a breakout, as the asset approaches a decision point.
Furthermore, the chart shared by WorldOfCharts shows XRP repeatedly touching the upper resistance line without breaking through, while also bouncing off the lower support line, indicating strong market participation on both sides.
Image Source: X/WorldofCharts
WorldOfCharts emphasized that XRP’s price potential breakout could be substantial. He suggested a possible price pump of over 300%, with a projected target of $2.60.
The analyst said, “The more it consolidates within the multi-year symmetrical triangle, the higher it can go after a breakout.” This aligns with technical analysis that prolonged consolidation often results in powerful price movements once a breakout occurs.
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Show more +Impact of SEC Lawsuit Clearance and Grayscale
XRP’s recent clearance from the ongoing SEC lawsuit provides additional bullish sentiment to the market.
WorldOfCharts highlighted this regulatory clarity as a key factor in boosting confidence in XRP’s prospects. The lawsuit’s resolution could open the doors to more institutional adoption, potentially fueling a significant price rally.
Regulatory clarity often plays a pivotal role in driving investor sentiment, and XRP’s clearance from legal issues may encourage increased market participation. This momentum could combine with the technical setup to create a favorable environment for a breakout.
Also, Grayscale Investments has announced the launch of the Grayscale XRP Trust, the first US-based investment vehicle offering exposure to XRP.
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Could XRP Price Hit $2.60?
The price projection shared in the chart shows XRP reaching a target of $2.60, marking a potential 302% gain from its current price level. The upper price target, indicated by a black curve on the chart, suggests a rapid rise in XRP’s value once the breakout occurs.
Moreover, as XRP nears the breakout point, traders and investors are paying close attention to any potential price movement. Should the breakout happen as anticipated, XRP could see a fast and aggressive price rally.
Finally, XRP remains in a demanding consolidation phase, but the market seems optimistic about its potential future trajectory. WorldOfCharts and other analysts continue to watch closely, waiting for a possible breakout from this multi-year pattern.
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