XRP’s price is expected to experience significant movements in 2024 following a period of accumulation and the formation of a symmetrical triangle, as predicted by analyst U-copy.
A recent technical analysis conducted by U-copy suggests that XRP is approaching a critical point that could indicate substantial changes in its price in the coming months. The analysis examines important trends, patterns, and technical indicators, pointing to a potential breakout that has been developing over the course of seven years.
The analysis identifies two significant accumulation periods for XRP. The first occurred between 2013 and 2017, while the second has been ongoing since 2018 and is projected to continue until 2024. The earlier phase resulted in price consolidation, ultimately leading to a notable increase in price. The current phase represents a seven-year accumulation period, indicating that the price has been stabilizing within a specific range. This long-term accumulation pattern typically precedes a significant breakout.
One notable feature of the current chart is the triangle formation that has been visible since early 2020, with convergence expected around May 2024. This formation, characterized by lower highs and higher lows, suggests decreasing volatility and consolidation, often preceding major price movements.
Another significant point is the “gap fill” at $0.46, indicating a potential return to the original pre-gap level, which could serve as support or a reversal point.
The period from May 15 to August 2024 is highlighted as a critical timeframe, as the end of the triangle formation is expected to play a pivotal role in determining XRP’s future price action. The analysis anticipates a substantial bull cycle in 2024, driven by the culmination of the long-term accumulation phase and the breakout potential of the triangle pattern.
Previous predictions also support this outlook. In February, Crypto Basic reported a symmetrical triangle formation on XRP’s three-week chart, which previously led to a significant surge of nearly 66,000% during the 2018 bull run. The current symmetrical triangle pattern suggests a similar potential for XRP’s price movements.
World of Charts has forecasted a potential surge of 360.63% for XRP, reaching $2.37, upon breaking out from its multi-year symmetrical triangle. Captain Faibik also anticipates a 253.36% increase, reaching $1.6458.
Despite a recent price decline, XRP is currently trading at $0.4972 with a market cap of $27.39 billion.
Disclaimer: This content is for informational purposes only and should not be considered financial advice. The views expressed in this article may include the author’s personal opinions and do not reflect the opinions of The Crypto Basic. Readers are advised to conduct thorough research before making any investment decisions, and The Crypto Basic is not responsible for any financial losses incurred.