💥👀XRP Struggles Below $0.57: Analysts See Possible Breakout after 8-10 Week
It all started with XRP’s noteworthy rally in April 2021, reaching a peak of $1.96, it faced a substantial decline attributed to the legal battle between the U.S. SEC and Ripple. However, this entire legal dispute led to XRP delistings and a subsequent selloff campaign. However, since October 2022, XRP has been displaying resilience by forming a symmetrical triangle, suggesting a potential shift in its price dynamics. Previous attempts at breakouts in July and November 2023 were short-lived due to retracements.
Timeline for Possible Rally?
Crypto Rover’s analysis now highlights the current convergence of trendlines within the symmetrical triangle as a key indicator of an imminent breakout. While specific price targets are not provided by Crypto Rover, other analysts, such as Meloneusk, offer a bullish perspective, projecting XRP’s potential ascent to $1.042.
Despite the positive long-term outlook, XRP’s short-term performance has not been great, with a 2% decline in the past 24 hours and a 7.69% drop in the last week. Currently, XRP is trading at $0.5405, indicating that achieving the speculated $1.042 target would require a substantial 92% rally. The anticipated breakout’s sustainability and impact on XRP’s overall trajectory remains uncertain, and investors should carefully monitor developments in the coming weeks.
