The XRP price has seen notable moves since the last week of July, closely tied to updates on a possible settlement between the SEC and Ripple. This expectation significantly affected the market performance of XRP, causing the price of XRP to skyrocket from $0.599 to $0.655 in just a few hours. Although the price has since corrected, this rapid increase has regained emphasis The potential of XRP and its ability to attract substantial investor interest.
According to a crypto analyst, XRP is fair waiting to break out of a symmetrical triangle in which it has consolidated for years. A breakout of the triangle would mean intense, full-on, bullish pressure on the price of XRP.
XRP to symmetrical triangle breakout
The analysis of the XRP price movement, recently shared on prominent crypto analyst Ali Martinez’s social media platform X, has attracted a lot of attention. Martinez’s detailed research shows that the XRP pri has consolidated within a symmetrical triangle pattern over the past six years.
According to the monthly XRP price chart he posted, this consolidation phase began after The price is characterized by a series of lower highs and higher lows, which has resulted in the formation of the symmetrical triangle pattern observed by Martinez.
Symmetrical triangle patterns generally indicate consolidation periods before significant price movement. For XRP, this consolidation period has been significantly extended and extends beyond the usual time frame expected for such patterns. This extensive consolidation has been further exacerbated by Ripple’s legal troubles with the SEC, which have hampered the crypto’s price since December 2020.
A breakout of this symmetrical triangle would mark the beginning of intense bullish pressure on the price of XRP, potentially leading to a substantial uptrend. Martinez emphasizes that the critical breakout point for XRP is around $0.90. He suggests that breaching this level could be the catalyst for a substantial uptrend. In his own words: “A bullish breakout could occur if #XRP surpasses $0.90.”
XRP Price Rally to $1?
The XRP price has continued to rise been in the spotlight in the past year, when the Ripple-SEC lawsuit seemed to be coming to an end. This increase in activity has pushed the cryptocurrency closer to the $0.90 breakout level.
Data from the chain provides further insight into the growing optimism around the future performance of XRP. Many investors are anticipating a bullish run for XRP and are already positioning themselves accordingly. According to data from Santiment, there is one remarkable increase of shark and whale portfolios over the past five weeks. These wallets, which each hold at least 10,000 XRP, have seen a significant increase. Wallets falling into this category now include approximately 279,400 addresses, indicating increased accumulation.
Featured image created with Dall.E, chart from Tradingview.com