$XRP

XRP Makes Biggest Jump Since 2020, Poised for 200% Upside

The broader market sentiment has improved over the past month, and that has been favorable for Ripple’s XRP. Over the past 30 days, the altcoin has gained 14% in value, breaking above its long-term symmetrical triangle pattern for the first time since 2020.

This breakout has put XRP in a position to see a price increase that could reach 200%. But are market conditions favorable enough to support such a move?

Ripple Makes a Bold Move

BeinCrypto’s analysis of XRP price action on a weekly timeframe reveals that it has been trading within a symmetrical triangle since July 2020. When an asset trades within this pattern, it indicates a period in which its price fluctuates between two converging trend lines, forming resistance and support levels

The gradual increase in XRP price over the past month eventually led to a rally above the upper line of this triangle on September 23. The breakout above this resistance suggests that XRP bulls have overcome the bearish forces, confirming the potential for further price gains.