XRP Eyes Potential Rally After Symmetrical Triangle Breakout

• XRP is testing the top of a symmetrical triangle on the weekly chart, signaling potential upward movement.
• XRPL active addresses surged to 12,230, indicating increased blockchain activity over the past six months.

Popular crypto analyst on TradingView, Cobra Vanguard, has conducted an in-depth technical analysis of XRP, concentrating on the weekly time period to provide a mid-term perspective. He claims XRP is testing the top of a symmetrical triangle on the weekly chart right now. Should the price break higher, a major surge may not be far off.

Key Chart Patterns Signal High-Potential Breakout Zones for XRP 

He pointed out that the AB=CD pattern and symmetric triangle, together with the ascending chart structure, indicate definite high-potential areas for XRP. Should a breakout develop, the initial target for the rally would be $1.30, a level derived from a past high inside the pattern.

Meanwhile, XRP is swapped hands at about $0.5143, a slight 0.22% increase over the last 24 hours. Nevertheless, given the little increase, a pessimistic stand still dominates the token since its market cap dropped below the $30 billion mark.

Furthermore noteworthy is BitBoy, a well-known player in the crypto space, who recently highlighted important elements driving XRP’s possible surge.

A report from CNF noted that BitBoy identified as potential triggers for a positive increase a probable Trump victory in the U.S. elections, the dismissal of SEC Chair Gary Gensler, and the end of Ripple’s continuous legal challenges.

He thinks XRP has been overdue for a bull run, and hence, a 20x price rise is not out of the question considering the correct conditions.

Furthermore, as we previously reported, current XRP Ledger (XRPL) data reveals a significant rise in activity; the count of active sending addresses reaches 12,230, a six-month high in blockchain activity.

Recommended for you: