XRP’s symmetrical triangle pattern hints at a potential 300x breakout, possibly pushing its price over $150.
Legal clarity on XRP’s status removes uncertainty, attracting institutional investors and boosting market confidence.
XRP trading at $0.5301, up 1.84%; market volatility linked to former President Trump’s recent incident affects crypto movements.
Crypto analyst @JavonTM1 on X has noted that XRP (Ripple) is approaching a critical point. The digital asset is forming a “symmetrical triangle” pattern, suggesting a possible breakout.
According to Javon, a full logarithmic follow-through could start a massive price surge reminiscent of XRP’s legendary 2017 bull run. A successful breakout might push XRP’s value over $150, representing a potential 300-fold increase from its current price.
$XRP (Ripple) is pushing towards a potential breakout of this massive coil or "symmetrical triangle" pattern and a Full Logarithmic Follow-Through of this breakout can spark another legendary 2017 style run !A breakout and *full* log follow-through can result in a more than… https://t.co/ExELIJEMEg pic.twitter.com/cXO4ksLtnh
— JAVON MARKS (@JavonTM1) July 13, 2024
Market Dynamics and Recent Developments
At press time, XRP was trading at $0.5301, and is up by 1.84% in the past 24 hours. The broader cryptocurrency market remains volatile, a situation partially attributed to the recent shooting incident involving former President Trump, known for his stance on cryptocurrencies. Market participants are closely watching XRP’s price movements for any signs of shifts.
Technical Analysis and Patterns
The long-term price chart of XRP reveals several notable features. The main chart spans from 2014 to 2024, with projections extending to 2030. Two triangle patterns are evident: a smaller one earlier in the timeline and a larger one formed after a price spike. This price spike likely represents a major bull run for XRP.
Source: @JavonTM1 on X
A volume indicator at the bottom of the chart shows trading activity over time, with several spikes coinciding with notable price movements. The logarithmic price scale on the right helps visualize percentage changes across different price levels. Dotted lines projecting into the future suggest potential price trajectories or trends, aiding in technical analysis.
Legal Clarity and Market Implications
On July 13, 2024, a federal judge ruled that XRP does not violate securities laws in most contexts. This ruling provides legal clarity and removes uncertainty about XRP’s status, making it a more attractive investment for institutions and banks. Analysts believe this legal decision could increase investment in Ripple’s offerings, driving demand and liquidity.
The judge’s ruling highlights the SEC’s approach to prosecuting crypto businesses. Unlike SEC Chair Gary Gensler, who has faced criticism, the judge applied the law impartially. This legal clarity is expected to boost market confidence in XRP.
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