XRP has been in a consolidation phase for the past few weeks, trading within a narrow range between $0.46 and $0.57.
Despite its volatile history since reaching an all-time high of $3.84 in January 2018, a recent analysis by crypto analyst Pepa (@moonshilla) has brought attention to a potentially significant development.
According to Pepa’s analysis, XRP’s price has remained within a symmetrical triangle on the 44-day chart, indicating a possible breakout shortly. This analysis has sparked interest among investors, with some anticipating a massive rally if the breakout is confirmed.
$XRP still fractaling..still hodling.. still waiting..for valhalla..buy when 44D closed above blue line..!new 44D 25 JUN..dont get shaken! https://t.co/415hhV9pCP pic.twitter.com/R2VjVwDfOr
— pepa (@moonshilla) June 3, 2024
The Symmetrical Triangle and Potential Breakout
Pepa’s analysis of the 44-day chart has revealed a symmetrical triangle pattern that has persisted for six years. This extended timeframe is one of the longest consolidation phases in the crypto market’s history, suggesting that a breakout could be imminent.
Moreover, the symmetrical triangle pattern allows for a breakout in either direction, but Pepa’s analysis leans towards a bullish sentiment. He predicts a breakout by June 25, with the candle closing above the triangle’s upper trendline, confirming the upward trend.
The lead-up to this potential breakout presents a strategic entry point for investors. A massive rally could start if the closing price confirms the upward trend. Pepa advises investors to buy immediately after the breakout is confirmed to maximize profits, as the price is expected to surge following the breakout.
Uncertainty in the Crypto Market
Despite the bullish sentiment surrounding XRP, the crypto market is known for its volatility, and recent data from Santiment reveals contrasting trends among different tiers of XRP holders. While investors holding between 10 million and 100 million XRP have accumulated 390 million XRP in the last two weeks, those with larger holdings (1 million to 10 million XRP and 100 million to 1 billion XRP) have distributed a combined 140 million XRP during the same period.
This divergence reflects caution and indecision within the XRP investor community. The Accumulation/Distribution metric, which has remained stable at 9.9 billion XRP since April, further reinforces this observation. The lack of a definitive shift towards accumulation or distribution highlights the prevailing uncertainty.
Potential Targets for XRP
Pepa’s analysis suggests a target of $110 for the digital asset, which is 20,840.4% higher than XRP’s current price of $0.529. Other analysts have set similar targets, reinforcing the belief that XRP is headed for a triple-digit price.
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