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A prominent analyst has suggested that $XRP is finally cracking its six-year standing triangle, expressing conviction that a massive rally to $3.5 is coming.
$XRP Breaking 6-Year Triangle
In a recent update on X, prominent analyst “JD” expressed astonishment at an intriguing development in the $XRP market chart. JD conveyed a sense of joyous disbelief regarding $XRP’s departure from the bearish trend that has persisted since its peak in 2018.
Specifically, JD declared that $XRP appears to be breaking free from its six-year trendline. He underscored the potential for a substantial bullish surge once the breakout is ultimately confirmed.
#$XRP – *Gasp!* A breakout after 6-years? Is this FOR REAL? 😱😱
If so, this will be MASSIVE!
RT/Like for updates next week if the breakout will be confirmed after weekly close! $XRP #XRPArmy #XRPCommunity
We will "NOT know what we hold 🤦♂️😂🤣" and take calculated profits! pic.twitter.com/5fTUs0ZPgq
— JD 🇵🇭 (@jaydee_757) March 2, 2024
JD shared a chart illustrating $XRP’s performance since 2017 to support his argument. The chart revealed $XRP’s subdued performance over the past six years following its historic rally, with a notable uptick only occurring in 2021.
Meanwhile, the recent Bitcoin-led crypto market frenzy has benefited $XRP. In particular, JD’s observation of a breakout comes amid $XRP rallying by 8.5% over the past 24 hours. The asset grew from a low of $0.5874 to a height of $0.6352.
Furthermore, $XRP’s seven-day trajectory currently sits significantly higher at 16.5%. This noteworthy performance follows several weeks of relative passivity.
Building upon the observed breakout, JD argued that the forthcoming bullish rally could propel $XRP toward the $3.5 mark once the pattern entirely breaks.
It is worth noting that $XRP last reached this level in early 2018. Considering its current price of around $0.6348, a rally to $3.5 would represent a remarkable 451% gain.
Notably, JD has urged $XRP investors to take calculated profits through its price rally towards $3.5.
More Analysts Bullish About $XRP
Meanwhile, JD is not the sole analyst predicting that $XRP will surpass the $1 threshold during this cycle’s rapidly escalating bull rally. Esteemed analysts like EGRAG set their sights at $2.
Besides, analyst Dark Defender has contended that $XRP’s reclaiming of the $0.62 territory, which has materialized, could serve as the confirmation for a rally toward $2.