XRP is currently trading well below its yearly high, in contrast to its peers that reached and surpassed new highs in 2023 during the recent bullish surge.
In the evolving cryptocurrency market, XRP, currently ranked as the fifth largest digital asset, has recently shown a modest price increase compared to its major counterparts. However, when examining XRP’s performance over various time periods, the token has reported significant gains.
Ripple’s XRP has seen huge gains in the market, rising 11% thanks to recent developments keen to boost institutional investors.
The blockchain payment platform’s native token soared by double digits this week, leading the altcoin pack amid a broader cryptocurrency market rally.
Data from CoinGecko shows that the altcoin’s trading volume skyrocketed to $2 billion and, with a price of $0.69, temporarily unseated Binance’s native token BNB as the fourth most valued cryptocurrency by capitalization. market.
Amid the broader market rally, which saw Bitcoin surpass $36,000 and Ethereum hit $2,000, XRP has recorded a 22% rise in the last 7 days, while other indicators are also showing positive momentum.
As for market indicators, experts say gains were driven in cash, with liquidations exceeding $5 million and trading data showing a massive boost in retail activities that acted on the heels of perceived institutional demand.
XRP Price Breakout Imminent?
A prominent industry expert who goes by the pseudonym “Crypto Insight” on platform X (formerly known as Twitter) shared an intriguing update with its 20,000+ followers, signaling an imminent takeoff for XRP.
According to Crypto Insight, it is evident that XRP tends to lag behind the price action of Bitcoin (BTC), the leading cryptocurrency. However, there are signs that XRP breakouts are gradually converging with BTC movements.
Analyzing historical data, Crypto Insight highlights that the time it takes for XRP to experience significant breakouts has been decreasing over time. The first major breakout took approximately 22 days, while the most recent pump occurred in a shorter period of time, 13 days. If this trend of closing the gap between XRP and BTC continues, it suggests a possible breakout date around November 15. Furthermore, XRP has gone through a cooling-off period in the 4-hour timeframe, implying that there could be more room for a downward correction before an upward reversal occurs.
Crypto Analyst Targets $5.5
Crypto analyst Egrag Crypto has recently revealed a notable forecast for XRP, centered on the Multi-Year Ascending Triangle (MYAT) pattern, which has significant implications for XRP price movements.
According to Egrag analysis, the MYAT pattern indicates that XRP experienced a breakout above the Symmetric Triangle after reaching the 70% completion mark, which aligns with the July timeline on the chart. The price rise to $0.93 and subsequent retest at the breakout point is considered part of a standard retest process, indicating potential strength in the bullish momentum.
Looking ahead, Egrag Crypto highlights several key projections for XRP: XRP appears poised to hit a target of $1.3, as indicated by the Blue Ascending Triangle on the chart. This level represents a major milestone that XRP could reach in the near future. The next notable move for XRP could push it to $5.5.
However, according to Egrag, a considerable sell-off by retail investors is expected at this price level. Based on the larger symmetrical triangle pattern, Egrag Crypto suggests that XRP could see a notable 500% price increase in the future, indicating the potential for a substantial rise.
By Leonardo Perez
