World of Charts predicts that XRP symmetrical triangle pattern could signal a breakout, with a price target of $4 to $5, marking a 453% increase.
In recent market observations, XRP has exhibited a noteworthy technical formation that could signal a significant price movement in the near future. An X post by analyst World of Charts reveals that XRP has developed a textbook symmetrical triangle pattern, a chart formation often indicative of a possible breakout.
$Xrp
Formed Text Book Symmetrical Triangle Breakout Can Lead Massive Bullish Wave Towards 4-5$ In Coming Months #Crypto #Xrp pic.twitter.com/h6OcS22AEQ
— World Of Charts (@WorldOfCharts1) May 25, 2024
This development has sparked considerable interest within the crypto community, with traders potentially seeing it as an opportunity to enter long positions in anticipation of further price appreciation.
Projected Price Target
The symmetrical triangle observed in the XRP chart spans several years, starting in early 2020 and extending to the current market phase.
This long-term formation suggests a prolonged period of consolidation, which often precedes a substantial breakout. Should XRP break out, the potential price target can be estimated using the height of the triangle at its widest point.
In this case, the height measured from the lowest point in early 2020 to the highest peak in mid-2021 indicates a considerable upside potential. The chart’s annotation projects a price target in the $4 to $5 range. This projection indicates a 453.71% increase, as highlighted in the chart.
XRP’s Bullish Market Surge
In a similar report by The Crypto Basic, XRP is trading slightly above the crucial support level of $0.52, marking a pivotal moment for bullish investors. According to the report, this price point paves the way for the potential to surpass the $0.6049 mark and challenge the next resistance level at $0.6649.
In addition to the technical analysis, analyst Dark Defender used the Elliott Wave Theory to describe XRP’s current position in the market. Per the theory, XRP is navigating Grand Wave 3, typically the most vigorous and lengthy phase in a bullish market cycle. This phase is often associated with substantial price increases.
As of press time, XRP is priced at $0.5242, with a massive 89% surge in its 24-hour trading volume to $1,180,018,612. This dramatic rise signals growing confidence among investors and a spike in market activity, suggesting that more traders are engaging with XRP at these levels.
