XRP Nears Breakout After 1,130 Days – Price Could Rally 300%
Will XRP Finally Break Out? | Credit: Hameem Sarwar
Key Takeaways
- Ripple (XRP) is nearing the end of a long-term triangle pattern
- The wave count suggests the long-term correction is ending.
- Will XRP finally break out from its pattern and begin an uptrend?
Despite much fanfare, the XRP price has trended downward since 2021. While it started an upward trend in 2023, it has been quite subdued relative to the rest of the crypto market. The 2024 performance has been even more disappointing.
However, since XRP is approaching the end of its long-term pattern, it raises the question of whether it will possibly break out of it and finally begin a much-anticipated upward trend.
XRP’s Triangle Pattern
The XRP price has decreased since its high of $1.96 in April. Since August, a symmetrical triangle pattern has caused the decline. So far, the triangle’s support and resistance trend lines have been validated several times, and the XRP pattern is ending.
So, a movement outside of its confines is likely soon. The triangle’s resistance and support trend lines will converge before the end of the year.
The wave count suggests the price of XRP will break out. The most likely count implies that XRP has just started wave C (white) in an A-B-C structure. The triangle creates wave B, and its sub-wave count is given in black, showing a completed correction.
If waves A:C have the same length, XRP will reach a high of $2.34, 300% above the current price.
While the XRP price action and wave count are bullish, technical indicators do not confirm the potential for a breakout yet. This is because the Relative Strength Index (RSI) has been freely moving above and below 50 for the past two years, making it unreliable in predicting the future trend’s direction.
In any case, the MACD is positive, having made a bullish cross and increasing above 0. So, even technical indicators are leaning more toward a potential breakout.
XRP Price Correction Over
The daily time frame aligns with the weekly readings. It shows that XRP has begun an impulse movement and completed a corrective second wave. The A-B-C structure that developed in August (black) makes this obvious.
Additionally, XRP reclaimed the $0.55 horizontal area, validating it as support. During this time, the RSI increased above 50, and the MACD above 0.
The daily time frame readings suggest the XRP price has already started the long-term upward trend outlined in the weekly time frame. The rate of increase is likely to accelerate soon.
XRP Could Increase Above $1
While the XRP price has traded without much volatility for the past two years, the pattern may end. Once the price breaks out from its symmetrical triangle, it could increase by as much as 300% and reach a high of $2.34.
XRP Price Could Jump 325% Soon, According to Key Trading Indicator
