Crypto market participants are paying attention to XRP. There has been a continuous up and down between trend lines that formed what analysts call a symmetrical triangle pattern. Based on a pattern that dates back to 2018, this digital asset could be on the verge of a big move – but how?
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From eagle-eyed market watchdogs predicting that XRP could breakout soon to those walking on eggshells, the crypto community is inundated with predictions. The pattern shows a battle between buyers and sellers, which could indicate that the value will explode or crash once that battle is concluded.
XRP technical indicators: A mixed picture
The price of XRP was stable at $0.57, which is considered a key support level. Historically, this level has held up pretty well and prevented the coin from falling too low.
Trading volume has been increasing recently, which is usually a sign that something big is brewing. If XRP breaks the upper trendline of the triangle, bulls could take control and push the price to new highs.
#XRP Outbreak imminent
XRP price has been consolidating within a symmetrical triangle since 2018, indicating a potential breakout. With strong support at around $0.38 and increasing volume, 2024 could be the year for a significant upside move. Keep an eye on XRP, big things could be ahead pic.twitter.com/5MsehzASG6
— xaif.03 🇮🇳 (@xaif_03) 10 August 2024
Some, like analyst Xaif.03, expect a rise to $100, but without more concrete evidence, that’s a bit far-fetched at this point. But these people can see better than ordinary souls.
But it’s not all rosy. The Relative Strength Index is at 54, right in the middle of the scale. This value indicates that the market is neither oversold nor overbought, so the possibility of a recovery or further consolidation remains open.
The bullish argument for XRP
Despite a certain level of uncertainty, some analysts are still optimistic. Well-known crypto expert Alan Santana believes that XRP is currently in an accumulation phase. According to him, a bear market is followed by such a phase before the price increases exponentially drastically.
✴️ XRP bull market accumulation zone before 2025 and strategy
My dear friends…
The accumulation of XRP, looking at the bigger picture, has been going on since June 2022. The bullish wave of 2023 was just a small wave compared to the magnitude of the bull market. “Wave 1” of a much larger… pic.twitter.com/15LWLOxPcp
— Alan Santana (@lamatrades1111) 10 August 2024
According to his prediction, if XRP’s bear market in 2022 is followed by the recovery year of 2023, it will pave the way for accumulation in 2024. This has happened once; therefore, we can expect a strong bull run for XRP in 2024 or the year after. Of course, crypto markets are unpredictable and past performance does not always guarantee results in the future.
Skeptics and the way forward
However, not everyone is convinced that XRP is planning a breakout right now. Some analysts warn that the symmetrical triangle pattern, while powerful, doesn’t always work. The market could easily move sideways for months, which could frustrate traders.
XRP technical analysis on 3-day timeframe
In our previous analysis of XRP, we noted that the 50EMA and 0.618 FIB levels acted as resistance. The price eventually broke these levels and reclaimed the resistance trend line at $0.63.
Currently XRP is trending… https://t.co/7qvnJhiZuE pic.twitter.com/AH5AddwVTu
— Cryptorphic (@Cryptorphic1) 9 August 2024
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Another analyst, Cryptorphic, also reiterated some of the resistance levels that the altcoin needs to break through to avoid losing further value. He noted that support at $0.41-$0.42 has held pretty solidly, but without any significant news to support an increase in XRP, it will be difficult to find any at this time.
Featured image by Fortune, chart by TradingView
