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.
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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.
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