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Sahintas, a market analyst and crypto chartist, believes XRP has the potential to surpass its current all-time high by nearly two-fold in the coming months.
The analyst disclosed this in a recent analysis of XRP’s price movements as the market remains in an indecisive state. Recall that XRP collapsed to a low of $0.5026 earlier in the month amid the broader market turbulence.
However, it witnessed an impressive recovery, subsequently retesting the $0.60 psychological resistance. Nonetheless, after retesting $0.60, XRP has been in a consolidation phase, as buyers and sellers remain in a state of flux.
Despite this, analysts like Sahintas are optimistic about XRP’s long-term potential. In his latest analysis, the market commentator presented patterns in the monthly XRP chart. His aim was to draw attention to the consistency in these patterns, and how it suggests an imminent upsurge for XRP.
XRP Symmetrical Triangles
Notably, XRP has continued to witness symmetrical triangle structures over the years. The altcoin has so far recorded three of these triangles since 2013. Specifically, the first one formed when XRP dropped from the $0.0614 peak in December 2013.
This triangle lasted over three years until a breakout occurred in February 2017. XRP rode on the breakout to surge to a $3.31 all-time peak in January 2018.
Nonetheless, a collapse from this high resulted in the formation of the second symmetrical triangle. The second triangle ran from January 2018 to June 2020, with XRP staging a breakout amid the COVID-19 pandemic. XRP eventually reached a high of $1.96 in April 2021.
XRP Price Could Target $6.3
Another correction from this top price has now resulted in the formation of the third symmetrical triangle. Notably, this third triangle has lasted till this year, with an imminent breakout set to catapult XRP to greater heights. Sahintas believes the next top could be $6.3, marking a 963% spike for XRP.
The market analyst expects XRP to clinch this price level in 2025 but failed to specify the month. Besides Sahintas, other market watchers have called attention to this symmetrical triangle, setting varying price targets. Some argue that the current triangle started in 2018, with a rally to $0.90 set to breach it.
Currently, XRP changes hands at $0.5923, struggling to overcome the $0.60 pivotal resistance level. Some commentators have emphasized the importance of the $0.60 point, which XRP has continued to battle. Analyst Xoom noted that XRP’s three most potent resistance levels rest on $0.65, $1.6 and $3.35.