It appears that the price of Ripple (Ripple-XRP) is preparing to move on a strong upward path; Several analysts have suggested that the price of this digital currency will rise significantly after it exits the symmetrical triangle pattern, and the price of XRP at the time of writing this report reached approximately $0.60, with a monthly increase of approximately 28%, achieving greater gains than the top 10 digital currencies except Solana (Solana-SOL). ).
Long-term technical analysis indicators for the price of XRP indicate the possibility of continuing this remarkable performance for a long period. According to crypto analyst Alex Clay, XRP is preparing to exit the symmetrical triangle pattern, which it remained within for a period of 2,275 days.
The analyst also suggested that the price would rise to $1.2580 and $1.57 in the medium term and $3.10 in the long term, which could double the price of XRP more than 5 times compared to the current price. Alex Clay is not the only analyst who suggested this bullish breakout, as both XRP Captain and The Moon posted tweets on the X platform about this possible breakout of the symmetrical triangle pattern.
XRP price forecast: Will it rise above $1 this year?
Ripple has lagged behind most cryptocurrencies since the beginning of the current bull market in late 2022, and although the price of 4 times, while Solana's price multiplied more than 20 times.
These slight increases in the price of XRP came despite the improvement in the position of Ripple Labs in its ongoing legal struggle with the Securities and Exchange Commission (SEC) in 2023, as the currency was unable to find sufficient attractive factors, so demand for it declined and its performance lagged behind other digital currencies. .
If the aforementioned optimistic expectations are fulfilled, XRP may catch up with these currencies soon, and if its price succeeds in breaching the long-term symmetrical triangle pattern, it may rise to more than $1 this year.