XRP just completed the mother of all consolidation patterns, and the end result could be a massive XRP price explosion. In late July, a leading crypto analyst was already predicting a spectacular XRP price increase of 600% for 2024. This year, they’re looking for an even more explosive increase. Technical indicators point to XRP nearing a breakout accumulation phase, ushering in the next big leg up.
Our long-term quarterly candlestick view of XRP’s price action, from 2017 through 2026, shows a very interesting setup. This trend, along with the end of a seven-month consolidation range, has sparked bullish rumors that XRP is on the verge of breaking out in price. According to Crypto Michael, a prominent crypto analyst and influencer, XRP’s long consolidation is over. This positive surprise only adds to the confidence in a possible year-end rally. Currently, XRP is priced at $2.22.
Key Price Targets for XRP
As seen on the analyst’s chart, the first target for XRP is the ATH. This new starting point is well above the recently announced $3.8. Breaking above this level would indicate developing bullish momentum and clear the path for additional upside.
The second target noted on the chart is at approximately $21.5. Reclaiming this level would mark one of the most impressive recoveries for XRP witnessed and serve to prove the analyst’s bullish prediction correct.
The ultimate objective is parabolic move above $80. This bullish prediction means XRP could 10x or even more, providing 10x or more profit potential to XRP investors.
Symmetrical Triangle Breakout
XRP created a massive symmetrical triangle by the convergence of trendlines. This trend is illustrated by the spike from 2018 extending well into 2024. Importantly, it underscores a long-term period of cost-cutting and industry uncertainty.
Based on the date of a decisive breakout from this symmetrical triangle, that might be as early as 2025. This breakout would be the final nail on the coffin of the consolidation phase. XRP/USD will mark the beginning of a new long-term uptrend if this happens. The symmetrical triangle marks a time of market indecision that has just been broken.
Technical signals are hinting that XRP is moving into a accumulation phase before the next big up leg. This indicates increasing investor confidence and accumulating buying pressure, which could push XRP’s price higher.
