TLDR
- XRP price has shown significant movement recently, breaking out of a 6-year symmetrical triangle pattern
- Analysts predict potential price targets of $1, $5.86, and up to $18.24 based on Fibonacci retracement levels
- The critical breakout point for XRP is around $0.90
- There has been an increase in XRP accumulation by large holders over the past 5 weeks
- An upcoming SEC meeting on August 1, 2024 may impact XRP’s regulatory status and price
The cryptocurrency XRP, associated with Ripple, has recently shown signs of breaking out of a long-term price pattern.
According to crypto analysts, XRP has been consolidating within a symmetrical triangle pattern for the past six years. This pattern began forming after XRP reached its all-time high of $3.40 in early 2018.
The XRP price has experienced notable movements since late July 2024, with the token’s value increasing from $0.599 to $0.655 in a matter of hours.
While the price has since corrected, this rapid increase has once again highlighted XRP’s potential to attract investor interest.
Crypto analyst Ali Martinez shared on social media that XRP is poised to break out of its long-term symmetrical triangle pattern.
$XRP has been consolidating within a symmetrical triangle for 6 years! A bullish breakout could occur if #XRP surpasses $0.90. pic.twitter.com/YzW3jDuvF9
— Ali (@ali_charts) July 30, 2024
Martinez suggests that the critical breakout point for XRP is around $0.90. If XRP surpasses this level, it could trigger a significant upward trend.
Another analyst, known as Dark Defender, projects even higher price targets for XRP. Based on Fibonacci retracement levels, Dark Defender suggests potential targets of $1.88, $5.86, and ultimately $18.24. These targets correspond to the 161.80%, 261.80%, and 361.80% Fibonacci retracement levels, respectively.
It’s important to note that these price predictions are based on technical analysis and should not be considered as financial advice. The cryptocurrency market is known for its volatility, and actual price movements may differ from these projections.
On-chain data provides additional insights into XRP’s market dynamics. According to data from Santiment, there has been a notable increase in the number of wallets holding at least 10,000 XRP over the past five weeks.
🚨 Red Alert!
3-monthly candle (Jul-Aug-Sep) update
No further comments.https://t.co/tTL2Rln7kL pic.twitter.com/I5pKeOjQET
— Dark Defender (@DefendDark) July 29, 2024
This suggests that larger holders, often referred to as “sharks” and “whales” in crypto terminology, have been accumulating XRP.
The current key support level for XRP is around $0.60, which has helped maintain the token’s stability amid broader market fluctuations. The ultimate support level is at $0.39, which is crucial for sustaining the long-term bullish outlook.
An important factor that could influence XRP’s price in the near future is the upcoming closed-door Sunshine Act meeting scheduled by the United States Securities and Exchange Commission (SEC) on August 1, 2024. This meeting has sparked discussions about potential regulatory changes that could impact XRP’s status and performance.
The relationship between Ripple, the company closely associated with XRP, and the SEC has been a significant factor in XRP’s price movements since December 2020. Any developments in this regulatory landscape could have substantial effects on XRP’s market performance.
As of the time of writing, XRP is trading above the $0.60 mark and has shown a 34.47% increase over the past month. This performance has outpaced Bitcoin’s 4.7% rise during the same period.
