An analysis by Captain Faibik suggests that XRP may be about to have a substantial price breakout. The analyst shared a chart on X highlighting a key pattern that has developed over several years.
Besides, this pattern could indicate a strong move if XRP breaks above key resistance levels. Captain Faibik’s weekly chart shows a symmetrical triangle formed by two converging trendlines. The top trendline serves as resistance, while the lower trendline provides support.
Symmetrical triangles have historically been associated with big breakouts, either to the upside or the downside. According to the chart, XRP is trading around the triangle’s upper resistance, indicating that a breakthrough is likely.
Faibik’s prediction indicates a potential 299% rise that would push XRP’s price closer to $2.40. XRP trades just below $0.60, with a confirmed breakout potentially signaling the commencement of a bullish rise.
$XRP is on the cusp of Massive Triangle Upside Breakout..!!Massive Pump is on the way..#Crypto #XRP #XRPUSDT pic.twitter.com/tTRj06HNSC
— Captain Faibik (@CryptoFaibik) September 16, 2024
Analyst Predicts Major Price Movement
In his tweet, Captain Faibik emphasized that a “Massive Pump” could occur if XRP breaks through the upper resistance line. His confidence in the breakout is based on the long-term formation of the triangle, which often leads to significant price movements.
While the tweet did not mention trading volume, it is worth noting that a breakout of this magnitude usually requires a surge in volume to confirm the upward movement.
Historical resistance near the apex of the triangle could play a role in either accelerating or stalling the breakout, depending on market sentiment.
XRP Price Target and Risk Considerations
Captain Faibik’s price target for XRP after the breakout is $2.40. This target is derived from the measured move calculation, which suggests a nearly 299% rise from current levels.
However, it’s essential to consider the downside risks. Should XRP fail to break the resistance, it could see a retest of the support line, making that area critical for traders to watch. The analyst’s chart offers a clear upside potential but also implies caution for those who are not yet convinced of the breakout’s likelihood.
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Long-Term Implications for XRP Investors
If Captain Faibik’s prediction comes true, XRP could see a surge in bullish sentiment, particularly among long-term holders. The token has faced several hurdles in recent years, but a confirmed breakout could renew investor interest.
One of the important patterns in technical analysis is the symmetrical triangle pattern, and in the days ahead, XRP’s place inside this triangle will be a major area of focus. The next action taken by XRP could determine its future course, whether it breaks out or keeps consolidating.
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