- If XRP follows its 2017 bullish trend, it could potentially reach an all-time high in the near future.
- Before breaking out of the pattern, XRP must surpass the $0.58 mark, which is crucial for its upward momentum.
Similar to many other cryptocurrencies, XRP experienced bearish dominance last week, but recent signs of recovery have emerged. The token’s price was on the brink of breaking out of a bullish pattern.
XRP’s Current Consolidation Phase
Despite a 5% price drop last week, XRP investors may find hope in a long-term bullish symmetrical triangle formation on the token’s chart.
A crypto analyst named Amonyx highlighted this pattern, which has been consolidating since 2018. Interestingly, a similar pattern occurred back in 2015 as well.
Source: X
Historically, XRP managed a bullish breakout in 2017 after a similar consolidation phase, leading to an all-time high. This pattern suggests a potential repeat scenario in the coming months.
Currently, XRP is testing the support level of the bullish pattern, and a successful test could pave the way for a journey towards resistance.
At the time of writing, XRP was trading at $0.5304 with a market capitalization exceeding $29.8 billion, ranking as the 7th largest cryptocurrency.
Evaluating the Probability of XRP’s Breakout
Given the likelihood of a bullish breakout based on historical patterns, a review of XRP’s on-chain data was conducted. Santiment’s data showed a decline in trading volume and open interest, with an increase in the total number of holders.
Source: Santiment
Explore Ripple’s [XRP] Price Prediction for 2024-25
The long/short ratio indicated a shift towards more long positions in the market, suggesting growing confidence among investors. However, Hyblock Capital’s analysis emphasized the importance of XRP surpassing the $0.58 level for a bullish breakout.
Source: Hyblock Capital
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