XRP Approaching Breakout Zone: Can It Repeat the 2017 Surge?

• XRP’s symmetrical triangle form reflects its 2017 breakout and a repeat price rise could follow in the future.
• The cryptocurrency is testing its $3.40-$3.60 level of resistance, with estimates predicting a run over $10.
• Market indicators show XRP moving out of an oversold level, with growing volumes supporting renewed buying momentum.

XRP has been in a symmetric triangle shape, with observers comparing its price action with 2017. The coin recently reached its all-time high and then took a step back, with investors closely tracking important resistances.

A recent tweet posted on X by XRP’s JavonTM1 compares XRP’s current structure in the marketplace with its 2017 breakout. In a tweet, XRP’s symmetrical triangle structure and its history of spiking after a period of consolidation have been discussed.

Price Movement and Market Trends

XRP has been in a symmetric triangle of consolidation since 2018, following a similar 2017 breakout pattern. That 2024 breakout can possibly result in a future XRP rally. In the past, XRP’s breakout reached $3.84, and following similar behavior, its price can go up again.

The price recently touched at $2.30 level of support and resisted at $3.40-$3.60. Crossing over this level of resistance could pave the way for a sustained uptrend, with estimates predicting a future rise even to $10 and beyond. However, market and extrinsic factors will have a role in determining whether such a breakout will be sustained.

Technical Analysis and Key Indicators

Market indicators show that XRP is oversold and is in a position of recovery. The relative Strength Index (RSI) is 38.41, and a reading of over 50 can denote increased momentum.

A descending downtrend line, signifying a short-term downtrend, has been formed, and XRP is testing at the current level. A breakout above the down trendline will validate a move in an upward direction. Besides, increased trading volumes will signify renewed buying demand, underpinning price rise even more.

Historical patterns have hinted at a confirmed breakout with a chance for a price rally in future months. Historical cycles have seen that when XRP gained momentum, it experienced sharp price acceleration, and therefore, a similar move in future months cannot be ruled out.

Key Resistance Levels and Market Caution

Breaking the above key resistances will become critical for sustained momentum upward. $3.40-$3.60 is closely watched, with a breakout having the potential to ignite a run to $4.00 and beyond.
At press time, the price of XRP was at $2.30 with a 24-hour trading value of $6,234,917,390. It reflects a 24-hour trading drop of -6.40% and a drop of -25.41% in trading in the past week.