XRP's Symmetrical Triangle Pattern Suggests 741.6% Surge

XRP, the digital asset, is showing signs of a potential historic breakout as a long-term Symmetrical Triangle pattern from 2017 has resurfaced on the charts. This pattern, identified by a crypto analyst, suggests that XRP could be on the verge of a significant price surge, potentially reaching $30. The Symmetrical Triangle formation is a classic consolidation pattern that typically results in a bullish surge in the direction of the prevailing trend.

In the 2017-2018 bull market, XRP surged to an all-time high of $3.84. After years of tightening price action within a giant Symmetrical Triangle, the altcoin appears to be breaking out once again. According to the analyst's chart, if the asset mirrors its previous 2,600% triangle breakout, it could soar from the breakout zone around $1.20 to as high as $32.36. This would represent a 741.6% increase, propelling its price to a level far exceeding its historical peak.

The bullish forecast for XRP is supported by a textbook diagram comparing bullish pennants and symmetrical triangles, both of which point to double target zones once a breakout occurs. The pattern suggests that once the altcoin escapes its multi-year consolidation, the projected rally may play out in three stages: an initial pump, followed by a retracement, and a second explosive move. The XRP price chart shows a lower target, around $3.52, which aligns with the 1.0 Fibonacci retracement level. This indicates that the token could see a temporary rebound to $3.52, followed by a short-term pullback to the triangle breakout point at $1.20, before ultimately bouncing toward the projected $32.36 target.

While historical price patterns offer insights into potential moves, the predicted rise to $32.36 is uncertain, given the magnitude of such a rise. The current market structure of XRP, where it has maintained long-term support and is now showing signs of upward momentum, aligns with this movement. However, it is important to note that this is a forecast and not a guarantee of future performance.