Expert Predicts Timeline for XRP to Break its Seven-Year Symmetrical Triangle Pattern
According to U-copy, a notable crypto analyst, XRP may record significant price action in 2024 after forming a seven-year accumulation and Symmetrical triangle pattern.
According to the analysis, XRP is nearing a critical point where its price could surge significantly in the coming months. The analyst highlighted the vital trends and patterns for identifying the potential breakout that has been brewing for seven years.
$XRP #XRP
Watch out May 15 - August. Final Gap filled at $0.46 & slowly moving backup & getting close to end of Triangle formation. 7 years long Accumulation from 2018-2024 will start to show real color of XRP in 2024 Bull Cycle.. Don't know target price but Shit could blow up... pic.twitter.com/ETc5EJxkwy
- U-COPY (@UCopy417) May 12, 2024
The analyst's chart focuses on two critical periods of XRP accumulation. The first is between 2013 and 2017, and the second is between 2018 and 2024.
In the first period, labeled zone A, a price consolidation resulted in a significant price increase for XRP. The current period (labeled Zones B and C) covers a seven-year (2018-2024) accumulation period for XRP.
In zones B and C, the price of XRP has stabilized within a certain range. Historically, such an accumulation pattern is often followed by a major price breakout.
On the chart from early 2020, a triangle formation is noticeable, with convergence around May 2024. This triangle pattern has lower highs and higher lows, which is a sign of declining volatility and price stability.
The analyst highlighted $0.46 as a notable price level and tagged the gap fill." This price level could serve as a significant support zone or potential reversal point for XRP.
In addition, the analyst highlights May 15 to August 2024 as a critical timeframe to monitor the XRP price movements. A breakout from the triangle pattern is expected to signal a rally for XRP. However, this prediction largely depends on a possible bull run in the general crypto market.
Earlier this year, another analyst, Pepa, noted that XRP displayed a massive surge between 2017 and 2018 after forming a symmetrical triangle on a three-week chart. This pattern resulted in a massive surge of almost 66,000% during the 2018 bull cycle, with XRP rallying from $0.00053 to $3.
exactly 7 years later after it rallied 65000% in 300 days..
coincidence..? pic.twitter.com/3cFEaJ3jE2
- pepa
(@moonshilla) February 23, 2024
Furthermore, World of Charts predicted that XRP could surge over 360% to hit $2.37 once it breaks out from the multi-year symmetrical triangle pattern.
How is XRP Faring Today?
Ripple's ongoing legal battle with the U.S. SEC is likely making XRP buyers indecisive, as the court has yet to reach a final verdict. However, the resolution, anticipated at some point this year, could boost XRP's price if it favors Ripple.
Meanwhile, XRP is in a sideways trend on the daily chart, confirming traders' hesitation in the market today. After a notable decline in the past week, XRP has found critical support at the $0.49 price level.
The asset is attempting to break above the $0.51 resistance level. However, the long lower wick on today's candle confirms the sellers are in control. Also, the RSI indicator is in the neutral zone, displaying a value of 42.73%, indicating traders' indecision in the market today.
The MACD indicator is approaching below the signal line, with fading green Histogram bars, which confirms the ongoing selling pressure on XRP.
Given these signals, XRP will likely record further price decline in the coming days before the buyers resume the rally.
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