Ripple (XRP) Aims for Massive Breakout from 3-Year Symmetrical Triangle

Vignesh Karunanidhi
Forbes Reveals Ripple Benefitted From $300B Influx: Can XRP Hit $1?
Source: Watcher Guru

Ripple XRP finds itself approaching an inflection point after years of muted price action. The altcoin has traded in a clearly defined symmetrical triangle pattern on high timeframes since 2021. Now, analysts spot signs of an imminent breakout from this technical formation with optimistic upside targets.

Returning To Crucial Range

According to analyst Crypto Rover, XRP looks ready to bounce off triangle support. Rover mentioned that the coin has held the pattern for 3 years now.

Rover believes XRP reclaiming its key consolidation range points to the increasing likelihood of an explosive move brewing. A convincing break past triangle resistance requires clearing the $0.60 level decisively.

While ambitious in the short-term, he considers any such decisive move to ultimately catalyze a parabolic upside fueled by universal anticipation of this event. 

Also read: Shiba Inu: How Many Tokens You Need To Make $5M, $10M If SHIB Hits $0.00789?

Fundamentals Supporting XRP

Zooming out, while traders focus on anticipating the price impact of technical breakouts, XRP continues to see meaningful adoption for cross-border settlement flows via Ripple’s On-Demand Liquidity solution, which spans 70+ countries already.

Moreover, recent network upgrades have improved transaction speeds and cost-efficiency metrics drastically.

So the blockchain’s real-world utility keeps making steady progress amidst the legal controversy. As the case outlook improves on the regulatory front, investors bracing for some bullish resolution after years in limbo seem justified.

Also read: Cryptocurrency: Three Coins You Must Have For 2024

Bitcoin surges past $52,000

Finally, the timing holds significance, considering Bitcoin reclaimed $52,000 and the trillion-dollar market cap signals that the crypto bear market may finally conclude.

Historically, altcoins bottom and enter the bull market earlier than BTC, before eventually outperforming substantially once Bitcoin tops out. If the cycles remain intact, XRP appears well-positioned, with strong exchange reserves ensuring years of runway visibility.