Several crypto analysts, among them the renowned DustyBC, have identified a symmetrical triangle pattern forming from the price action in XRP, a signal that consolidation is on the way. As of August 24, 2024, XRP has been oscillating around the $0.60 level, consolidating within the boundaries of this symmetrical triangle.
The slope of the triangle’s upper trendline slopes downwards, while the lower one slopes upwards, suggesting further consolidation.
Source: X
According to DustyBC, XRP may experience a good rally after breaking above the upper trendline of this symmetrical triangle. The analyst has actually projected that XRP could rise to at least $2.30 and higher in the event that this breakout takes place. This is because the symmetrical triangle pattern is generally considered a continuation pattern and usually pushes prices toward the previous trend.
Other Analysts Align with Bullish Projections
DustyBC’s analysis was also not isolated, as other key market watchers have been saying similar things. In fact, just over 24 hours ago, another respected analyst, Captain Faibik, said that XRP might rally to the $2.5 mark, especially when it closes above the symmetrical triangle.
This closely aligns with the one from DustyBC; therefore, there is a very strong consensus between traders right now about an extremely bullish move in XRP.
In addition, a second crypto analyst, JackTheRippler, has compared the current symmetrical triangle to another that was formed in 2017. According to JackTheRippler, a similar pattern in 2017 resulted in a stunning 60,000% rally in the price of XRP after the breakout. This time, a breakout identical in size could lead to a similar rally, driving the price of XRP to levels it has never touched before.
Current XRP Price and Market Sentiment
According to the most recent reports, XRP trades at almost $0.6088, reflecting a decline of 1.56 % over a 24-hour period. Despite this, the cryptocurrency has experienced an 8.01 % gain during the week before a gradual upward trend.
Even though there have been only small achievements in XRP’s price performance, the XRP community is hopeful of the asset’s prospects, considering some recent legal revelations.
Source: CoinMarketCap
The optimism harbored by XRP holders was intensified by the final judgment given by U.S. District Judge Analisa Torres in the SEC v Ripple case, which took years to end. This judgment has entrenched XRP’s legal ground, further boosting market confidence. Nonetheless, market analysts also warn that other factors across cryptocurrency markets, including Bitcoin resistance levels, could affect movements in XRP’s prices.
Technical Indicators and Market Participation
XRP’s most recent price movements are backed by technical indicators pointing towards bullish momentum. The relative Strength Index (RSI) stayed above 50 which shows that it has a positive force behind it.
However, resistance around the $0.63 level has proved difficult—XRP has faced selling pressure here since early July 2024.
Source: TradingView
Similarly, the open interest (OI) for futures on XRP has been moving steadily, indicating an increasing number of participants, including traders and investors. This OI rises and a positive funding rate indicates future traders’ bullish sentiment. Nevertheless, the $0.63 resistance level is quite crucial and must be broken by XRP before confirming a continuous upward trend.
