Bullish XRP Wave Count Signals Possible 270% Price Rally
Here's How XRP Can Increase 270% | Credit: Derek Fenech
Key Takeaways
- The XRP price has traded inside a symmetrical triangle for over three years.
- It is approaching the end of the pattern, so a decisive movement is expected soon.
- Will XRP finally break out from the triangle, and how long will it increase if so?
XRP has been one of the most frustrating tokens in terms of its price movement over the last six years. After reaching its all-time high in 2018, XRP failed to reach a new high in the previous market cycle. Rather, it topped at $2 in 2021 and has fallen since.
Over the past three years, XRP has traded without any hint of volatility. However, this could all soon change if XRP finally moves outside of its symmetrical triangle pattern. What are the chances for such a move, and if it happens, where might the price head next?
What is XRP’s Bullish Wave Count?
The XRP weekly chart reveals a symmetrical triangle pattern that has been in place since 2021. Although this pattern is typically considered neutral, its formation after an upward movement suggests that the XRP price is likely to break out of the triangle eventually.
The wave count analysis supports this possibility, indicating that the XRP price has completed the B wave in an A-B-C structure. The B wave often forms a symmetrical triangle, which aligns with the current wave count.
While it’s possible that the XRP price could continue to consolidate within the triangle, the primary forecast suggests that an immediate breakout is more probable. The recent positive developments in the SEC vs Ripple case could provide another catalyst for this potential price increase.
Assuming a 1:1 ratio between waves A and C, the projected high for the XRP price is $2.28, representing a 270% increase from the current price.”
XRP Could Outperform Bitcoin
The bullish outlook is also evident in the XRP-Bitcoin pair, which has been forming a double bottom pattern over the past three years (highlighted by white icons). Following the second bottom in June, the price of XRP began to rise, breaking out above a key resistance trend line in the process.
After the second bounce, the weekly RSI and MACD both generated bullish divergences and crossed their bullish thresholds. More specifically, the RSI moved above 50, while the MACD made a bullish cross and is nearly into positive territory.
If the increase continues, the closest resistance will be at 2,000 satoshis, which is a 100% appreciation from the current level.
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