Market Veteran Anticipates XRP to Break Out of Multi-Year Symmetrical Triangle in 8-10 Weeks
Popular crypto YouTuber and experienced market analyst, Crypto Rover, predicts that XRP is poised for a significant breakout from a multi-year symmetrical triangle formation that it has been trading within since late 2022. In a recent post on X, the analyst shared a weekly XRP chart outlining the cryptocurrency’s price movements since 2021. Crypto Rover confidently stated that a “massive breakout will happen in the upcoming 8-10 weeks.”
To provide context, XRP experienced a remarkable rally in March and April 2021, reaching a peak of $1.96. However, it subsequently plummeted due to increased selling pressure, which some attribute to the ongoing legal battle between the U.S. Securities and Exchange Commission (SEC) and Ripple. This legal dispute led to numerous exchanges in the U.S. and Canada delisting XRP, resulting in a significant selloff campaign that hindered the coin’s ability to surpass its previous peak.
Following the sharp decline, XRP continued to register lower highs, forming an upper descending trendline on the weekly timeframe. However, from October 2022, XRP began displaying resilience by recording higher lows, forming a lower ascending trendline. This combination of lower highs and higher lows led to the formation of a symmetrical triangle pattern.
Despite numerous attempts to break out of the triangle, each rally was followed by a retracement, preventing a successful breakout. However, Crypto Rover’s analysis suggests that XRP will finally achieve a breakout from the symmetrical triangle in the next eight to ten weeks, with the expected timeframe falling between mid to late March.
Although no specific price target was mentioned, other analysts have expressed bullish sentiments for XRP. Notably, market watcher Meloneusk predicts that XRP could reach $1.042 in the near future, citing an ascending channel on the daily chart and additional metrics.
However, despite the promising long-term outlook, XRP has struggled in the short term. The token has seen a 2% decline in the past 24 hours and a 7.69% drop in the last week. Currently trading at $0.5405, XRP would need to rally by 92% to reach the projected target of $1.042.