XRP, Ripple’s digital currency, is currently facing challenges as it struggles to sustain a value above $0.57 and break through the significant barrier of the 200-day Exponential Moving Average (EMA). XRP is down 3.81% in 24 hours to $0.5308. The cryptocurrency has lost 6.8% of its market value in the past week. Despite a prolonged correction phase this year, XRP has displayed resilience by holding steady around the $0.5 level amid notable sell-offs. However, many analysts still hope for XRP’s growth in the coming weeks.
Analyst Expects Breakout Rally Amidst XRP Market Drop
Crypto Rover, a seasoned market analyst, is optimistic about XRP’s potential breakout from a multi-year symmetrical triangle in the next eight to 10 weeks, signalling a timeframe around mid to late March. Historically, this breakout projection is based on the symmetrical triangle formation, marked by lower highs and higher lows since October 2022. Let’s see XRP’s boom period in detail.
It all started with XRP’s noteworthy rally in April 2021, reaching a peak of $1.96, it faced a substantial decline attributed to the legal battle between the U.S. SEC and Ripple. However, this entire legal dispute led to XRP delistings and a subsequent selloff campaign. However, since October 2022, XRP has been displaying resilience by forming a symmetrical triangle, suggesting a potential shift in its price dynamics. Previous attempts at breakouts in July and November 2023 were short-lived due to retracements.
Timeline for Possible Rally?
Crypto Rover’s analysis now highlights the current convergence of trendlines within the symmetrical triangle as a key indicator of an imminent breakout. While specific price targets are not provided by Crypto Rover, other analysts, such as Meloneusk, offer a bullish perspective, projecting XRP’s potential ascent to $1.042.
Despite the positive long-term outlook, XRP’s short-term performance has not been great, with a 2% decline in the past 24 hours and a 7.69% drop in the last week. Currently, XRP is trading at $0.5405, indicating that achieving the speculated $1.042 target would require a substantial 92% rally. The anticipated breakout’s sustainability and impact on XRP’s overall trajectory remains uncertain, and investors should carefully monitor developments in the coming weeks.