XRP could breakout in 8-10 weeks

Given the price action, Crypto Rover in its latest analysis stated that XRP will record a successful symmetrical triangle breakout in the next eight to ten weeks. Thus, the breakout schedule is mid-to-late March.

While Crypto Rover was unable to set any price target, other analysts have made bullish price predictions for the asset. Meloneusk, a well-known market watcher, predicts that XRP could reach $1,042 in the near future. The analyst, among other indicators, named the ascending channel on the daily chart.

Despite a solid bullish long-term outlook, XRP continues to underperform in the short term. The token is down 2% in the last 24 hours and 7.69% in the last week. XRP is currently trading at $0.5405, requiring a 92% rise to reach $1.042.

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Ripple is preparing to sell XRP unlocked for a year before the end of 2023
Ripple is still the largest holder of XRP, with most of its assets currently locked in escrow until 2027. Every month, the company unlocks 1 billion tokens, randomly maintaining the desired share and re-locking the crypto assets.

In December, Ripple retained 200 million XRP (20%) and re-locked the rest in an escrow account until April-May 2027. The crypto wallet address where the available reserves are stored is marked by XRP Scan as “Ripple (1)”.

In December, Ripple retained 200 million XRP (20%) and re-locked the rest in an escrow account until April-May 2027. The crypto wallet address where the available reserves are stored is marked by XRP Scan as “Ripple (1)”.

Typically, the company sends tokens that it plans to store into this account every month, which are then partially redirected to a number of other untagged addresses, likely controlled by the same owner. From there, XRP is sent to centralized exchanges.
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