Crypto analyst Chris McCrypto has shared his analysis on XRP, projecting a potential retest of lower price levels before a substantial breakout. His analysis draws attention to a symmetrical triangle pattern forming over the past few years.
Moreover, he notes the behavior of the Stochastic RSI, a key indicator for assessing market momentum. As the SEC appeal and XRP ETF news continue to impact market sentiment, Chris remains optimistic about a breakout, but advises patience.
$XRP did not break out previously in 2017 from a high stoch RSI position on the weekly time frame, which makes me think we need to cool off, and maybe revisit the bottom of the massive triangle one last time before lift off! $0.45 before moon?With the recent $XRP #ETF news we… pic.twitter.com/8p8fMOgCOZ
— Chris McCrypto (@ChrisMcCrypto) October 3, 2024
XRP Pattern Points to a Long-Term Bullish Setup
Chris McCrypto’s chart analysis highlights the formation of a symmetrical triangle for XRP, with lower highs and higher lows converging toward an apex. This technical pattern is often neutral but can signal a bullish breakout in larger trends. XRP’s price consolidates near the resistance line of the triangle, suggesting the possibility of a breakout soon
The analyst notes, depending on market conditions, that symmetrical triangles precede a sharp move, either up or down. He emphasizes that while the long-term outlook remains positive, XRP may need to cool off before realizing its bullish potential.
Stochastic RSI Signals Overbought Conditions
The Stochastic RSI, an indicator used to measure momentum, is currently approaching overbought levels for XRP. According to Chris, this mirrors a situation in 2017 when XRP did not break out from a high Stoch RSI position. Based on this observation, he predicts a potential pullback to around $0.45 before the anticipated breakout occurs.
This cooldown phase could align with external factors, such as the SEC’s ongoing appeal in the Ripple case. The ETF news for XRP has injected some optimism into the market, but the analyst warns that the court case could delay the breakout timeline, potentially extending the consolidation phase.
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January 2025 Breakout Likely
Chris McCrypto projects that XRP could break out of the symmetrical triangle by January 2025. His analysis indicates that the price could consolidate further, possibly testing the lower trendline, before surging upward.
The timing of the breakout, however, remains influenced by both technical factors and ongoing developments in the SEC case. While short-term price action may see some volatility, Chris advises patience for XRP holders, as the long-term setup continues to show strong bullish potential for early 2025.
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