- XRP symmetrical triangle breakout could target $30
- The prediction draws parallels to XRP’s 2,600% increase during the 2017 bull run
- XRP’s price increased by roughly 10% in the last 24 hours
A cryptocurrency analyst by the name of Egrag Crypto shared an analysis on X showcasing XRP’s price potential. They highlighted a symmetrical triangle pattern on XRP’s chart, suggesting that a breakout could lead to a big price surge, potentially reaching even $30. While it seems overly optimistic, this projection draws parallels to XRP’s remarkable 2,600% increase during the 2017 bull run.
Should the price retrace to the triangle’s edge from the $1.20 level, the analyst says that reaching $30 becomes a possibility.
Egrag’s analysis aligns with observations from other market analysts who have identified similar patterns in XRP’s price movements in the past. For instance, last month, Ali Martinez shared a video showing XRP breaking out of a multi-year symmetrical triangle (formed since 2018), suggesting a potential surge towards $15.
This isn’t the only time Egrag had comparable analysis concerning XRP lately, and so far, we’re yet to see if they turn out to be true.
As for XRP itself, it got a boost of around 10% in the past 24 hours, and its current price sits at $1.98. In case XRP actually achieves the projected $30 target, that would necessitate substantial bullish momentum and favorable market conditions.
XRP’s Performance
Due to current tariff announcements and pauses, the crypto market was even more volatile than usual. XRP followed the trend, dropping to $1.65 a few days ago when it was constantly above $2, even $2.54 at one point in March.
Still, reports indicate that large holders have acquired approximately 1.1 billion XRP over the last two-week period, adding approximately $2 billion to their holdings regardless of prevailing macroeconomic challenges.
In other XRP-related news, BlocScale Launchpad has initiated the tokenization of real-world assets on the XRP Ledger, aiming to bridge traditional assets like real estate and commodities with blockchain technology.
Despite everything that’s going on, XRP seems to be a rather popular cryptocurrency at the moment. As for its potential symmetrical triangle breakout, it certainly might eventually turn out to be true since that formation typically indicates a period of consolidation before the price breaks out in either direction.
Then again, with Trump playing with the tariffs and the market reacting to them constantly by going up and down, this chart and analysis might not mean anything at all.
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