The price of the native token of the XRP Ledger, XRP, could soon see an exponential price breakout after losing around 14% of its value over the last 30 days and dropping more than 27% year-to-date.
Despite the recent lull, a popular cryptocurrency analyst has recently suggested the cryptocurrency could soon see an explosive upward move after identifying similar price patterns throughout XRP’s history, pointing to symmetrical triangle breakouts.
In a post shared on the microblogging platform X (formerly known as Twitter) with his over 40,000 followers, analyst Javon Marks suggested that “something massive can be truly nearing” after pointing to the “way prices are coiling/shaping up combined with where the’ve come from (historical data) and high volume plus an already confirmed Hidden Bullish Divergence.”
A symmetrical triangle pattern is often used in technical analysis to identify potential breakout points or reversal of the prevailing trend.
A symmetrical triangle pattern is formed by drawing trendlines, one falling and another one rising, along a converging price range. To confirm a valid break and not a false one, traders should look for a surge in volume and at least two consecutive closes beyond the trendline, according to Investopedia.
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Symmetrical triangles usually indicate that the price will continue in the same direction as before the triangle formed. Therefore, traders would expect the price to break upward if a symmetrical triangle follows an uptrend.
Marks’ analysis points to XRP’s past performance as a potential benchmark. In mid-2017, XRP’s price skyrocketed over 70,000% before reaching its all-time high in early 2018. Marks suggests that a similar, aggressive bull run could be forthcoming.
His short-term prediction involves a potential rally to $1.44, fueled by technical indicators. Reaching this price point, Marks argues, could trigger a breakout from a six-year price consolidation pattern that in the long run could see XRP exceed the $200 mark per token, representing a 45,000% jump from its current level at $0.04. This projection assumes a “full logarithmic follow-through” based on historical data.
In a more conservative scenario, Marks suggests XRP could still reach $15-$20 if the price pattern breaks, representing an increase of over 4,000% from current levels.
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