Cryptocurrency trader World Of Charts recently posted an analysis of XRP, the native token of the Ripple payment network, suggesting the asset could see significant upside ahead. According to World Of Charts, XRP has been consolidating within a large symmetrical triangle pattern on higher timeframes and is now approaching a trend-defining breakout.
Consolidation Within Symmetrical Triangle
As World Of Charts points out in his chart, XRP has been trading within the boundaries of a symmetrical triangle on the 3-day chart since 2021, with the triangle becoming increasingly narrow over time. This tightening price action suggests XRP is coming up on an important directional breakout.
World Of Charts stated on Twitter: “$Xrp So Far Consolidating In Multi Year Symmetrical Triangle & Approaching Towards Trending Expecting Massive Breakout & Incase Of Successful Breakout Expecting Move Towards 2 – 2.30$.”
Doge2014 raises 500K in days celebrating Dogecoin. Make potentially big profits and get in on exclusive airdrop!
Show more +Breakout Targets If Resistance is Broken
Within the larger symmetrical triangle, World Of Chart’s chart shows a smaller rectangle pattern that has formed on the charts. This rectangle ranges from approximately $0.55 on the bottom to $0.70 at the top.
According to World Of Charts’ analysis, if XRP can break above the topside resistance of this rectangle at $0.70 and start closing candles above this level, it would confirm a bullish breakout from the larger triangle pattern that has confined price action for almost two years now.
In such a breakout scenario, World Of Charts is eyeing a 200%+ rally towards $2.00 – $2.30 for XRP in the months ahead. This target range aligns with the upper boundary of the multi-year symmetrical triangle the asset has carved out.
World Of Charts makes a reasonable case that XRP is approaching an important trend-defining moment given the consolidation within a large triangle pattern over an extended period of time. If the token can decisively break above nearby resistance, significantly further upside appears possible based on the technical setup. Traders may want to keep a close eye on XRP price action around $0.70, as a break above that level could signal the long-awaited rally World Of Charts and other analysts have been anticipating.
You may also be interested in:
- Analyst Links Ripple’s Current Consolidation to 2017 Bull Run Setup: Is a 600x XRP Surge Inevitable?
- VCs Bet Over $360 Million on Top Projects in Q4 as Crypto Investments Show Signs of Recovery
- Here Are Potentially The Two Biggest Gainers of 2024 – Meme Kombat (MK) and Bitcoin Minetrix (BTCMTX)
We recommend eToro
Wide range of assets: cryptocurrencies alongside other investment products such as stocks and ETFs.
Copy trading: allows users to copy the trades of leading traders, for free.
User-friendly: eToro’s web-based platform and mobile app are user-friendly and easy to navigate.
