XRP Analyst Expects Mega Triangle Breakout Held For 2312 Days, Expects Price To Hit $24 In This Timeframe

An ambitious long-term outlook for XRP comes from crypto trader XRP Captain, who highlights a “Mega Triangle Pattern” that has been forming over a multi-year timeframe. According to Captain, this triangle spans across 2312 days and points to a major breakout in the next 6-7 weeks with an upside target around $24.

However, analysis by altFINS reveals a much more cautious perspective over the near term, given XRP’s current struggling technical posture:

“Price is in a downtrend and trading in a a Channel Down pattern and broke below 200-day moving average, which is negative. We wait for price to breakout out of the Channel Down pattern to signal bullish trend reversal.”

So while historical consolidation patterns can certainly unleash powerful moves, traders must focus on the here and now. And presently, XRP remains stuck below its 200-day moving average after violating this widely-followed trend indicator. This points to ongoing pressure and downside risks as part of the developing channel.

To negate the bearish near-term outlook, XRP needs to reclaim its 200-day MA around $0.60 to signal waning seller momentum. Absent that, the path of least resistance favors eventual tests of channel support around $0.45.

Transform Hundreds Into Millions With the Magic of Memecoins – think $BONK, but bigger!🤫

The key? Getting in early, especially during the IDO phase. Get in on NuggetRush now! This innovative memecoin blends play-to-earn gaming with real-world gold mining. Join soon to take advantage of the current ICO prices!

Show more +

Now, moving above the $0.68 resistance would mark the initial steps of a bullish trend change. But for Captain’s mega triangle to come into play, XRP may need a decisive break back above the $1 level on improving momentum gauges.

So in summary, doubts linger around XRP in the near term, given its technical breakdown. However, long-term historical patterns can take time to mature. Reclaiming key moving averages is needed to suggest bullish forces are returning before Captain’s ambitious $24 forecast comes into realistic view. Patience and prudence remain prudent virtues for traders amidst XRP’s ongoing struggles.

You may also be interested in:

Check NuggetRush ($NUGX)

Sponsored: Invest Responsibly, Do Your Own Research.
Being in its ICO stage, NuggetRush offers a prime opportunity for early investors to get in at potentially lower prices
A unique play-to-earn gaming platform in the memecoin market
The platform combines artisanal and gold mining with cryptocurrencies in an unusual gaming context, offering a distinctive and immersive experience
Fosters a strong community by encouraging physical meetups among members
NFT Integration with Prominent Characters
intelligent crypto
How are  regular people making returns of as much as 70% in a year with no risk?  By properly setting up a FREE Pionex grid bot - click the button to learn more.
Crypto arbitrage still works like a charm, if you do it right! Check out Alphador, leading crypto arbitrage bot to learn the best way of doing it.


Sarah Wurfel
Sarah Wurfel

Sarah Wurfel works as a social media editor for CaptainAltcoin and specializes in the production of videos and video reports. She studied media and communication informatics. Sarah has been a big fan of the revolutionary potential of crypto currencies for years and accordingly also concentrated on the areas of IT security and cryptography in her studies.