Ripple’s $XRP has been relatively stable this week, hovering near $0.53 as the cryptocurrency enters a consolidation phase. The price has been trading within a tightening range for months, indicated by converging trendlines on the weekly chart. With volatility decreasing, $XRP is fluctuating between key support at $0.52 and resistance just below $0.55.
Despite this period of sideways movement, $XRP has managed to stay above the critical $0.50 level, which has acted as strong support since mid-2023. As of now, the coin is trading at $0.5338, reflecting a modest 1.34% rise in the last 24 hours, a sign of the market’s indecision. However, many traders are keeping a close eye on a potential breakout as XRP nears the apex of this consolidation pattern, which could signal a major price surge.
Renowned analyst Armando Pantoja recently brought attention to this setup, stating, “In all my years of trading, I’ve never seen a 7-year bullish pennant as perfect as this.” He believes XRP is on the brink of a massive breakout, with years of pressure building. Pantoja, who has previously forecasted a target of $20 for XRP, emphasized that this rare setup could result in one of the most substantial moves for the cryptocurrency this year.
Similarly, “Random Crypto Pal,” another well-known analyst, noted that XRP was about to break out of its triangle pattern. He compared the current scenario to the price action before XRP’s meteoric rise to $3 in 2017, urging investors not to miss out. Other analysts, like Javon Marks, are also optimistic, suggesting that XRP could skyrocket to over $3.31, marking a potential 500% gain. Some even speculate that XRP could eventually soar as high as $200 in the long term.
Meanwhile, Ripple continues its legal battle with the SEC, recently filing a cross-appeal on October 10. Ripple CEO Brad Garlinghouse expressed confidence in the outcome, stating, “We’re eager to end the SEC’s enforcement agenda and move forward.” A favorable ruling could add fuel to XRP’s bullish momentum, further boosting its price.
