A financial expert predicts that XRP is on the verge of a significant movement before November, based on its position within a triangular pattern. This idea comes from JT, a market analyst with 25 years of experience in the finance industry. According to his chart, XRP has been trading within a symmetrical triangle on the 2-month chart since April 2021, when it reached $1.96 and then experienced a correction.
Despite an upward trend, XRP has remained within the symmetrical triangle, with attempts to break out facing strong resistance from the bears. The last two attempts occurred in July 2023, when XRP spiked to $0.93, and in March of this year during a surge to $0.7449.
However, JT believes that a breakout is imminent, predicting that XRP will surpass the upper trendline of the symmetrical triangle before November. He sees this pattern as one of the longest-running triangles in the crypto market, lasting over 25 months. JT expects the triangle to continue for another six months before reaching its apex.
This confirmation has strengthened his belief that a breakout will occur this year. According to JT, this event could be a game-changer for XRP, setting the stage for a significant price increase. The MACD indicator could also contribute to XRP’s potential for a strong rally.
Data from JT’s chart suggests that the MACD has been sloping downward on the 2-month chart since April 2021, indicating a bearish trend. However, as XRP approaches the apex of the triangle, JT believes that the MACD could experience a bullish crossover and a pivot to the upside.
While JT did not provide any specific price predictions in his report, other analysts have set ambitious targets for XRP. The Crypto Basic recently reported that market analyst EGRAG has multiple targets for XRP, with an ultimate goal of $66. Another market watcher, Casi, suggested that XRP could be on the verge of breaking out of a 6-year consolidation, with price targets set between $8 and $13.
Currently, XRP is trading around the $0.5 zone, with a slight drop today. Its immediate goal is to surpass the Fibonacci 0.382 level at $0.5303 on its way to $0.55. XRP could benefit from the ongoing accumulation by whale addresses, with addresses holding 10 million to 100 million tokens acquiring 460 million tokens since April, according to Santiment data.
Disclaimer: This article is for informational purposes only and should not be considered financial advice. The views expressed in this article are solely the personal opinions of the author and do not reflect the opinion of The Crypto Basic. Readers are advised to conduct their own research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.