thecryptobasic.com
A financial analyst believes XRP is about to experience a pivotal movement before November, citing its position within a triangular pattern.
This ideology came from JT, a market analyst with 25 years of experience in the finance industry. Details from his chart indicate that XRP has been trading within a symmetrical triangle on the 2-month chart since April 2021, when it clinched $1.96 and witnessed a subsequent correction.
XRP Trades in a Symmetrical Triangle Despite Uptrend
This correction persisted until XRP hit the cycle low of $0.2870 in June 2022, a month after the Terra implosion, which triggered a massive bloodbath in the entire market. Following the drop to $0.2870, XRP mounted a recovery, with JT’s chart confirming that it has been in an uptrend since then, recording higher lows.
Despite this uptrend, XRP has continued to trade within the symmetrical triangle, with attempts at breakout meeting firm resistance from the bears. The last two times XRP made these attempts were in July 2023, when it spiked to $0.93 and in March this year amid the surge to $0.7449.
However, JT believes a breakout looms, predicting XRP to breach the upper trendline of the symmetrical triangle before November. He touted the pattern as one of the longest running triangles in the crypto market, having persisted for over 25 months. JT expects the triangle to continue for six more months before reaching its apex.
$XRP
Love it or hate it, something BIG is going to happen with $XRP before November.
One of the longest running triangles in the crypto market is approaching a date with destiny @ its apex. That apex happens to end in November (white line).
If the MACD can to turn up, Boom💥 pic.twitter.com/3tDaAOIfLj
— JT ✝️ (@JTheretohelp1) May 24, 2024
This confirmation has bolstered his conviction that a breakout is imminent this year. According to him, this incident would mark “something big” for XRP, essentially setting the stage for a massive price run. Another factor that could bolster XRP’s chances of recording this impressive run is the MACD indicator.
Suggestions of a Looming Breakout
Data from JT’s chart suggests that the MACD has continued to slope downward on the 2-month chart since April 2021 following a bearish crossover of the MACD and Signal lines. Now, with XRP moving closer to the apex of the triangle, JT believes the MACD could record a bullish crossover as well as a pivot to the upside.
While the analyst failed to give any price projections for his report, others have predicted ambitious price targets. Most recently, The Crypto Basic revealed that market analyst EGRAG set multiple targets for XRP amid an expectation of “impulsive waves,” with the ultimate goal residing at $66.
Moreover, another market watcher Casi suggested that XRP could be on the verge of breaking its 6-year consolidation, with targets set between $8 and $13. These projections have come up at a time when XRP still battles the $0.5 zone, currently changing hands at $0.5191 with a 2% drop today.
XRP’s immediate goal is to first breach the Fibonacci 0.382 level positioned at $0.5303 in its push toward $0.55. On this journey, XRP could leverage the ongoing whale accumulation for strength. This campaign has seen addresses holding 10 million to 100 million tokens procure 460 million tokens since April, per Santiment data.
