The cryptocurrency’s trading diagram, XRP, is showcasing yet another triangle formation—an intriguing mirror to what the market experienced nearly seven years ago. Back then, this geometrical occurrence in the chart led to a considerable rally. Bearing that in mind, XRP’s potential trajectory could be perspective-altering as the coin possibly braces for a fresh sweep of bullish momentum.
Analysts have recently observed this phenomenon unfolding in the market. According to a thorough analysis from TradingShot on TradingView, a conjunction of multiple indicators all flocking to a bullish stance has given birth to this new triangle formation.
While on the surface, it might be perceived as a bearish turn as the closing price dips below its 1W MA50 and 1W MA200, the reality may carry a surprising vector. This seemingly pessimistic swing could actually be a launching point boosting the price upwards as investors find impetus to dive back in at competitively low rates. This trend is further evidenced by the 1W RSI (Relative Strength Index) lowering to 40.00; traditionally, an indicator level this down has been synonymous with buying opportunities.
Elaborating further, experts highlight that the XRP price is currently grazing the lower boundaries with the higher lows trend line, thereby creating a triangle framework reminiscent of patterns observed from 2013 to 2017. The last time such a formation made its presence known in 2013 and advanced until its breakout in 2017, XRP prices skyrocketed to reach unprecedented all-time highs.
Supposing this pattern is to be followed, the presence of this triangle structure could be a harbinger of a fresh wave of bullish momentum, catalyzing the altcoin’s price towards breaking its previous records.
Can history repeat itself, though? If indeed this scenario plays out as predicted, and XRP follows the 2013-2017 trend with a breakout, then the sky might be the limit. While the price reaching a new all-time high remains a hypothetical at this point, for such a peak to be achieved and the bullish trend confirmed, the price would need to puncture the 1W MA200.
Should this coin manage to ascend past this critical level, TradingShot proposes the possibility of a price reaching as lofty a figure as $4.5. To put that into perspective, it would entail an over 800% surge in value from XRP’s current standing at $0.47.
But with every sunny forecast, there is always a hypothetical raincloud. There is always the lurking possibility that this bullish trend might not materialize. Should the price fail to crack through the 1W MA200, experts advise that the so-called “XRP army” brace themselves for an alternative narrative, because the long-term pattern they have been following could potentially lead them astray.
