Market expert “Michael XBT” has identified August as the timeline for XRP to break out from its 7-year symmetrical triangle formation.
The prediction has sparked discussions and various responses from the community.
Technical analysis, including increased new assets issued on the XRP Ledger and ongoing development activity.
In a recent development that has caught the attention of the XRP community, market expert “Michael XBT” has pinpointed a specific timeline for XRP to break out from its massive 7-year symmetrical triangle formation.
This prediction has ignited a flurry of reactions and discussions among XRP enthusiasts, as they eagerly anticipate the potential implications of this significant event.
A few days ago, MichaelXBT boldly proclaimed that Ripple was on the cusp of breaking out from its giant 7-year downtrend, sparking a wave of bullish sentiment among the community.
Since then, numerous queries have arisen concerning the precise timing of the breakout, as the coin holders have endured prolonged periods of waiting for such a momentous occurrence.
$XRP Historic Breakout Incoming In all my years of trading crypto I have NEVER seen a 7 year long bull pennant We might be about to witness one of the most significant breakouts in crypto history pic.twitter.com/X4H5otlcAM
— Crypto Michael (@MichaelXBT) July 17, 2024
XRP’s Unprecedented Symmetrical Triangle Pattern
In a post dated July 17, MichaelXBT emphasized the uniqueness of the 7-year symmetrical triangle pattern observed in XRP’s chart, stating that it is unparalleled in the crypto market based on his observation.
This bullish formation typically follows a period of consolidation after an initial price surge, indicating the potential for resumed upward movement.
For XRP, this formation commenced after the token reached its peak of $3.84 in January 2018 and has persisted since then.
MichaelXBT’s prediction of an August breakout from XRP’s 7-year symmetrical triangle pattern has elicited a diverse range of responses from the community.
Some users have humorously noted the long-term nature of XRP’s potential breakout, highlighting how no one else has ever accurately predicted the timing of such an event.
Amidst the doubts surrounding the timeline, Michael has clarified that XRP is approaching the critical point of this formation, and a breakout must occur within the coming weeks.
Meanwhile, others have speculated that external factors, such as the resolution of ongoing legal issues, could have an impact on the timing of the breakout.
