XRP, the native token of Ripple, has been consolidating within a symmetrical triangle pattern for the past three years. While this pattern is typically neutral, its formation following an upward movement suggests a potential breakout.
A wave count analysis supports this possibility, indicating that XRP may have completed the B wave in an A-B-C structure. The symmetrical triangle pattern often forms during the B wave, aligning with the current analysis. Although consolidation within the triangle is possible, a breakout appears more likely, especially given the recent positive developments in the SEC vs. Ripple case.
Assuming a 1:1 ratio between waves A and C, XRP could potentially reach a target price of $2.28, representing a significant increase of 270% from its current level.
The XRP-Bitcoin pair also exhibits bullish signals. A double bottom pattern has been forming over the past three years, and the price has recently broken out above a key resistance trend line. The weekly RSI and MACD have generated bullish divergences and crossed their bullish thresholds, further reinforcing the positive outlook.
Also Read: XRP Poised for a Rally to $0.7? On-Chain Metrics Suggest Bullish Potential
If the upward momentum continues, the next significant resistance level for XRP-Bitcoin is 2,000 satoshis, representing a 100% appreciation from the current level.
It is important to note that the information provided in this article is not financial or investment advice. Cryptocurrency markets are highly volatile, and investors should conduct thorough research and consider their risk tolerance before making any investment decisions.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.
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