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The seventh largest cryptocurrency in the market, XRP, made a strong start to the new week. Green candles suddenly outperformed all its top competitors, marking an important start to the week. This price movement has led to speculation that the biggest price breakout in its history could be seen again.
If History Repeats, XRP Could Make a Sharp Rise
As some may be aware, after XRP’s rise of over 60,000% in approximately 315 days, the popular cryptocurrency‘s price has made a significant decline since 2018. An impressive rising symmetrical triangle formation has emerged, following XRP’s price trend over the past six years.
This formation occurs when the price makes lower highs and higher lows, and the two converging trend lines meet at the apex. It is an excellent model to identify and is a positive indicator for the related asset. As the price approaches the apex, volatility decreases, indicating that the market is becoming more indecisive.
The formation is a perfect indicator that the price is ready to break out in line with the current trend. Moreover, if we are still considering the 2018 case, the prevailing trend can be said to be upward. This is positive news for XRP. The bullish momentum appears ready to continue following the anticipated breakout.
The Formation is Nearing Completion
XRP’s price chart reveals that the formation is nearing completion and the next phase is close. However, the anticipated breakout of the formation could extend to the end of the year and beyond, possibly into the first half of 2025.
Given that it is already a $30 billion altcoin, speculating about XRP’s potential trajectory if the triangle formation works out seems intriguing. Accordingly, even if XRP reaches only half of its 2018 performance, it would see a 30,000% rise, meaning XRP’s market value could unbelievably reach $9.66 trillion.
