- XRP has broken out of a triangle pattern, with experts predicting it could reach $1.96 soon and $23 by early 2025.
- XRP’s price is rising, backed by positive investor feelings and strong market signals like its 50-day moving average.
- After months of steady prices, XRP is moving up fast, aiming for key targets like $1.96, $4.80, and $23.
XRP has broken out of a large symmetrical triangle, signaling potential explosive price growth. According to analyst CryptoBull, historical patterns suggest XRP could hit $1.96 by the end of the month, $4.80 by late 2024, and $23 by January 2025. The chart data reveals a distinct consolidation phase before the breakout, showcasing bullish momentum.
Symmetrical Triangle Signals Bullish Momentum
A narrowing price range with higher lows and lower highs is shown in the symmetrical triangle pattern. Furthermore, this stage frequently comes before big market movements. XRP's latest price movement is comparable to its pre-bull run behavior from 2017. The triangle's breakout, which is in line with previous bullish tendencies, boosts investor confidence.
Source: CryptoBull
Notably, XRP's price saw growth during a "3 Months Bullrun," marked by large candlesticks indicating robust buying activity. Following this surge, XRP entered a consolidation phase, forming the symmetrical triangle. Moreover, market participants eye key breakout targets at $1.96, $4.80, and $23, fueling optimism.
Indicators Support Uptrend
Several technical indicators suggest that XRP’s upward trajectory remains strong. Additionally, XRP’s 50-day moving average turned upward in October, signaling a bullish market trend. This shift came after months of sideways trading between June and early October.
Source: Santiment
Furthermore, XRP's weighted sentiment fluctuated, with positive sentiment spikes aligning with price surges. During November, weighted sentiment rose sharply, supporting the bullish price momentum. Consequently, XRP’s price climbed past $1.04 as the moving average crossed $0.68, affirming market strength.
CryptoBull emphasizes the importance of these indicators in forecasting XRP’s next moves. Besides historical patterns, the convergence of sentiment and technical metrics adds to XRP’s bullish outlook. Moreover, the price breakout from the symmetrical triangle highlights its potential for sharp upward movements.
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