XRP may be on the cusp of an explosive price rise, according to multiple analysts. The coin’s technical chart shows a symmetrical triangle pattern on the 2-month chart, a development that has been ongoing since April 2021. Crypto analyst Mikybull Crypto calls the formation “one of the most bullish charts out there,” fueling speculation of a major upward breakout.
The power of the symmetrical triangle pattern
While a symmetrical triangle pattern is not necessarily bullish or bearish in itself, it often indicates a period of market indecisiveness, where buyers and sellers are in balance. However, once this pattern is broken, it can lead to significant price movements, both up and down.
To better gauge what a breakout might mean, we can look back at a similar pattern between December 2013 and February 2017. Back then, the breakout of this triangle pattern resulted in an explosive rise of over 60,000%, culminating in an all-time high (ATH) of $3.40.
Another crucial indicator
Another crucial indicator is the Williams Percentage Range (Williams %R), which measures the distance between the current price and the highest point within a certain period. The indicator is currently approaching overbought levels again. Historically, spikes in the Williams %R have led to large price increases, such as during the 2017 rally.
XRP Price Predictions
Based on historical patterns, there is a significant chance that XRP will make an upward breakout and move towards new highs. A rise above the old ATH would represent a price increase of almost 500%. Moreover, with the lawsuit against the US Securities and Exchange Commission (SEC) almost over, the path seems clear for XRP to reach even higher levels.
Source: https://newsbit.nl/crypto-analist-xrp-vertoont-een-van-de-sterkste-bullish-patronen-ooit/
