Ripple’s XRP Eyes Massive Breakout as 7-Year Symmetrical Triangle Signals Potential Bullish Surge

• XRP’s symmetrical triangle pattern since 2018 signals a possible breakout, with resistance at $3.30.
• A breakout above $3.30 could push XRP to $239.04 in an extreme bullish scenario, says analyst.
• XRP’s RSI shows weak momentum, hovering near neutral at 45.90, indicating market indecisiveness.

According to JavonTM1, a crypto analyst on X, Ripple’s XRP is currently one of the most closely monitored altcoins in the crypto market. The focus centers around a multi-year symmetrical triangle pattern that has been developing since 2018. 

Notably, this pattern similars one from the 2017-2018 bull run, which led to XRP’s massive price surge. The analyst highlights that if XRP breaks out of this pattern, the bullish momentum could resemble its historic rally.

Symmetrical Triangle Patterns Suggest Big Moves Ahead

XRP’s price action shows two symmetrical triangle patterns, indicating a consolidation phase. The first pattern, observed between 2017 and early 2018, led to XRP’s surge, peaking at $3.30. 

The second, longer triangle has formed between 2018 and 2024, with XRP currently trading around $0.48. This phase of lower highs and higher lows points to potential compression and a possible major breakout.

The historical peak at $3.30 now acts as a key resistance level. JavonTM1 notes that, should XRP break above this resistance, the altcoin could rise to as high as $239.04 in an extremely bullish scenario. However, this projection remains speculative and hinges on various market factors, including adoption rates and regulatory developments.

Technical Indicators Reveal Weak Momentum

The technical indicators on XRP’s daily trading pair against USDT show mixed signals. At press time, XRP was trading at $0.5416, but has faced a gradual slowdown in momentum, with recent price movements largely consolidating between $0.50 and $0.60. 

The RSI, standing at 45.90, indicates weak momentum, as it hovers around the neutral zone. Additionally, the MACD line shows only mild bullish divergence, reflecting the current indecisiveness in the market.

The daily chart also highlights key support near $0.50, while resistance around $0.60 has capped upward movements. If XRP can break above this level, it could test the $0.65 mark seen in September. However, failing to hold the $0.54 support may result in further downside toward $0.50 or lower.

Price Projections and Future Trends

Should XRP break out of the upper bound of its long-term pattern, a price surge could follow, similar to the 2017-2018 rally. The volume, however, has shown a decreasing trend, suggesting reduced market participation. 

This decline is typical of symmetrical triangles, which indicates that traders are awaiting a breakout before committing to a direction. However, failure to break upward could lead to a retest of key support levels, potentially driving XRP lower in the coming weeks.