XRP News Today: XRP’s Price Action Hints at 2017-Style Breakout as Bullish Patterns Align

Ripple’s XRP has been drawing significant attention from market analysts and traders, with some predicting substantial gains in the near future. A veteran trader recently noted that in hindsight, it will be obvious that XRP’s current price action is setting up for a significant move. Analysts are examining technical indicators and broader market sentiment to gauge the potential for a breakout.

XRP’s price has been consolidating within a symmetrical triangle on the USDT pair, positioned just beneath the upper boundary of a broader ascending channel. It has also remained above both the 100-day and 200-day moving averages, which have recently shown a bullish crossover. This setup supports the possibility of an upward breakout, which could carry XRP beyond the triangle and the larger channel. However, a decline below these averages could signal a bearish shift, potentially pushing the price toward the $2.10 support level. On the XRP/BTC chart, the price is holding above the 2,400 SAT level, with a potential move toward 3,000 SAT appearing likely if momentum builds [1].

Market confidence has also been bolstered by Ripple’s recent legal developments. A resolution with the U.S. Securities and Exchange Commission (SEC) has reduced regulatory uncertainty, prompting optimism among investors. Ripple CEO Brad Garlinghouse has stated that XRP could capture 14% of SWIFT’s global payments volume within five years, representing a potential $21 trillion in annual transactions. If Ripple establishes itself as a major player in cross-border payments, it could significantly increase the usage of XRP, especially in on-demand liquidity solutions [2].

Technical analysts are also drawing comparisons between XRP’s current price action and the 2017 bull market. Javon Marks, a well-known analyst, has pointed to an asymmetrical triangle pattern and suggested that a breakout could lead to a 300X increase in price. He anticipates a potential move into the $100s if the pattern resolves in a bullish direction. Another analyst, CryptoMichael, highlighted the formation of a seven-year bull pennant pattern, suggesting a major breakout is on the horizon. Armando Pantoja has also set short-term price targets at $3.84, $12.75, and $20.30, attributing the potential upside to regulatory clarity and growing institutional interest in Ripple [3].

Despite the bullish sentiment, some analysts caution that the market could experience short-term volatility. XRP recently dropped 1.66% over the past 24 hours, reaching $3.03, with some experts predicting a retracement to as low as $0.50 before resuming an upward trajectory. While this volatility is expected, the overall market outlook remains positive, supported by increasing institutional adoption and favorable technical patterns. The XRP community is closely monitoring price action and volume to determine whether a sustained breakout is imminent [4].

XRP’s market cap currently stands at approximately $170 billion, and while reaching $1.7 trillion remains ambitious, the token’s unique role in cross-border payments and its adoption by financial institutions position it as a compelling investment. Given its current trajectory and the broader market environment, XRP appears well-positioned to benefit from continued growth in the cryptocurrency sector. Investors are advised to monitor key technical levels and regulatory developments as they may influence short-term and long-term price movements [5].

Source:

[1] Ripple Price Analysis: Is XRP Preparing for One Final Rally Before Big Correction (https://cryptopotato.com/ripple-price-analysis-is-xrp-preparing-for-one-final-rally-before-big-correction/)

[2] Could Ripple (XRP) Deliver 10x Returns? - Yahoo Finance (https://finance.yahoo.com/news/could-ripple-xrp-deliver-10x-132000630.html)

[3] XRP Could Hit $100 in '2017 Style' Breakout as Analyst Sees 300x Potential from Current Levels (https://zycrypto.com/xrp-could-hit-100-in-2017-style-breakout-as-analyst-sees-300x-potential-from-current-levels/)

[4] XRP USD | XRP US Dollar OKX (https://www.investing.com/crypto/xrp/xrp-usd)

[5] XRP to USD: XRP Price in US Dollar (https://www.coingecko.com/en/coins/xrp/usd)