Financial analyst says something big is coming for XRP

One financial analyst believes that XRP is about to experience a crucial move ahead of November, citing its position within a triangle pattern.

This ideology came from JT, a market analyst with 25 years of experience in the financial industry. His chart details indicate that XRP is trading inside a symmetrical triangle on the 2-month chart since April 2021, when it reached $1.96 and witnessed a subsequent correction.

XRP is trading in a symmetrical triangle despite the uptrend

This correction continued until XRP hit a cyclical low of $0.2870 in June 2022, a month after the Implosion of the Earth, which triggered a huge bloodbath in the entire market. After the decline to $0.2870, XRP recorded a recovery, with the chart of JT confirming that it has been in an uptrend since then, making higher lows.

Despite this bullish trend, XRP continued to trade within the symmetrical triangle, with breakout attempts meeting strong resistance from the bears. The last two times XRP made these attempts was in July 2023, when it rose to $0.93 and in March this year during the rally to $0.7449.

However, JT believes a breakout is imminent, predicting that XRP will break above the upper trendline of the symmetric triangle before November. He touted the pattern as one of the longest-running triangles in the cryptocurrency market, persisting for over 25 months. JT expects the triangle to continue for another six months before reaching its peak.

This confirmation strengthened his belief that a breakout is imminent this year. According to him, this incident would mark “something big” for XRP, essentially setting the stage for a massive price run. Another factor that could strengthen XRP’s chances of recording this impressive run is the MACD indicator.

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Hints of a looming breakup

JT chart data suggests that the MACD has continued to slope downwards on the 2-month chart since April 2021 following a bearish crossover of the MACD and Signal lines. Now, with XRP approaching the apex of the triangle, JT believes that the MACD could see a bullish crossover and pivot to the upside.

While the analyst did not provide any price projections for his report, others predicted ambitious price targets. Most recently, The Crypto Basic revealed Market analyst EGRAG has set multiple targets for XRP in anticipation of “impulsive waves,” with the final target set at $66.

Also, Casi, another market observer suggested that XRP may be about to break out of its 6-year consolidation, with targets set between $8 and $13. These projections have emerged at a time when XRP is still fighting in the $0.5 zone, currently changing hands at $0.5191 with a decline of 2% today.

XRP’s immediate goal is to first breach the 0.382 Fibonacci level positioned at $0.5303 on its push towards $0.55. On this journey, XRP could take advantage of the ongoing whale accumulation to rally. This campaign has seen addresses holding 10 to 100 million tokens procure 460 million tokens since April, according to Santiment data.

XRP Whale Addresses | Most Holy

Disclaimer: This content is informational and should not be considered financial advice. The opinions expressed in this article may include the personal opinions of the author and do not reflect the opinion of The Crypto Basic. Readers are encouraged to do thorough research before making any investment decisions. Crypto Basic is not responsible for any financial losses.

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