XRP Breaks 6.69-Year Pattern, Analysts Predict Potential Surge to $200 Amid Bullish Momentum

• XRP breaks out of a 6.69-year pennant, and analysts project a potential surge to $200 if bullish momentum holds.
• XRP resistance at $0.65 looms, with moderate trading volume as breakout could push prices higher.
• RSI nearing 66 and MACD showing a bullish crossover suggest continued upward momentum but warn of potential pullbacks ahead.

According to crypto analyst JavonTM1 on X, Ripple’s XRP has broken out of a 6.69-year pennant pattern, which could signal a major price rally. JavonTM1 stated that if XRP holds the current breakout and follows through on a full logarithmic rise, the cryptocurrency could see a price increase of over 30,000%, potentially reaching up to $200. This projection comes as XRP is at crucial price levels and long-term consolidation phases, which may determine its future price trajectory.

Historical Price Movement

The analysis highlights XRP’s price movement from 2014 to 2024, which shows two notable symmetrical triangle formations. From 2014 to 2017, XRP consolidated before breaking out after 1,150 days, resulting in a 1,000% price surge to $3.29. 

Following this, another symmetrical triangle began forming after 2017, stretching across more than 2,477 days. Symmetrical triangles often signal a potential continuation of the prior trend, which, in this case, could lead to another major rally for XRP.

Resistance has been identified in the $2.00 to $3.29 range, marking the peak from the previous bull run. On the other hand, support levels near $0.17 have provided a solid base for XRP’s price during this extended consolidation phase. The analyst projects that XRP may reach as high as $244.78 if it breaks out of the current pattern and follows historical trends.

Current Price Action and Volume Indicators

At press time XRP was trading at $0.6246 and is up by 3.31% in the past 24 hours. The recent price action reveals a recovery from the mid-year downtrend, with XRP consolidating and moving upwards since August. Resistance remains at $0.65, while support levels have held firm near $0.45, which were tested during June and August.

Notably, the trading volume remains moderate. However, lower volume recently suggests caution. Volume spikes could indicate greater participation, potentially driving XRP beyond the $0.65 resistance.

Bullish Indicators on RSI and MACD Charts

The RSI is approaching 66, suggesting that XRP may soon enter overbought territory. This is a key area to monitor as it often results in price pullbacks if the market overheats. However, both the RSI and MACD suggest bullish momentum is still present, with the MACD indicator showing a positive crossover.

The MACD histogram remains positive, confirming that the recent rally could continue. The market might be watching for confirmation of this trend, which will largely depend on XRP’s ability to break through the critical resistance levels ahead.