thecryptobasic.com
A top market analyst has identified the resurgence of a symmetrical triangle formation on the XRP three-week chart, resulting in a nearly 66,000% price surge in the 2018 bull run.
Following the run to the $0.5795 high on Feb. 16, XRP experienced a price collapse that battered the token to a $0.5252 low on Feb. 23, marking a 9% decline from the latest high. Nonetheless, a price recovery has seen XRP reclaim the $0.58 territory.
Amid the rollercoaster ride, pseudonymous crypto market analyst Moonshilla has called attention to a pattern that the asset witnessed before its historic surge from 2017 to 2018. An accompanying chart suggests that this pattern exists in the three-week timeframe.
$XRP 👀
exactly 7 years later after it rallied 65000% in 300 days..
coincidence..? pic.twitter.com/3cFEaJ3jE2
— pepa🌙 (@moonshilla) February 23, 2024
Previous Symmetrical Triangle
Notably, data indicates that XRP formed a multi-year symmetrical triangle following its collapse from the November 2013 high of $0.0614. After XRP slumped from this high, it continued to record lower highs and higher lows, eventually forming a symmetrical triangle.
XRP first attempted a breakout from the triangle when it rallied to a high of $0.0280 in December 2014. However, this breaking attempt was futile, resulting in further correction.
XRP only broke out of the triangle when it moved to its apex in March 2017. At this point, XRP had collapsed to a low of $0.0053. After breaching the upper trendline of the symmetrical triangle, XRP rallied 65,931% to its all-time high above $3 in January 2018.
XRP Forms an Identical Triangle
However, the crypto asset collapsed from this high shortly after attaining it, experiencing persistent price declines as the broader market witnessed a correction. Amid these declines, XRP has formed another symmetrical triangle similar to the one from late 2013 to early 2017.
This second triangle has persisted until now. XRP sought to break out in 2021 when it surged to $1.96. Nonetheless, this breakout attempt was futile, like the one in December 2014. Data from Moonshilla’s chart suggests that the token is now close to the apex of the triangle.
Interestingly, Feb. 23, the day the analyst presented the chart, marked the seventh year after the breakout from the previous triangle. With XRP edging closer to the peak of the current triangle, a breakout could result in a similar price surge. Nonetheless, considering current market realities, how far the ensuing price rally will go remains to be seen.