- Market participants await XRP’s breakout from a six-year symmetrical triangle.
- Analyst Alex Clay predicts mid-term targets of $1.258 and $1.57 for XRP.
- Some analysts argue that XRP could reach $200 upon a successful breakout
Crypto market participants eagerly anticipate when XRP will finally break free from its prolonged downtrend and enter a full-scale bull trend as the broader crypto market gradually gains momentum this bull season.
Carl “The Moon,” a widely followed crypto commentator, recently ignited this discussion about XRP’s pattern. He pointed out that XRP has been trading within a massive symmetrical triangle for over four years and questioned when it might break out.
Indeed, XRP’s candlestick patterns, since its all-time high, have formed a giant symmetrical triangle configuration, with the current price at the lower end of the triangle. Notably, XRP reached its $3.84 all-time high back in January 2018. However, since then, the asset has been on a downward spiral from which it has yet to recover.
Even during the 2021 bull run, XRP attempted to break out of the symmetrical triangle but ultimately fell short, peaking at $1.96 before retreating. With XRP currently trading at around $0.60, the symmetrical triangle configuration has now spanned over six years since its all-time high.
Multiple market watchers have repeatedly suggested that a breakout is imminent, but the wait continues. In a recent commentary, analyst Alex Clay argued that XRP is already breaking out of its symmetrical triangle pattern, and the end of Ripple’s legal battle with the SEC could accelerate the process even further.
According to Clay, XRP could potentially reach mid-term conservative targets of $1.258 and $1.57 in the coming days following a breakout. The upper target represents a potential 160% surge from its current price of $0.60.
Meanwhile, in the long term, Clay expects XRP to reach $3.10, a 416% increase from its current market value. Clay’s ambitious target still falls short of its 2018 ATH. Other analysts have posited a potential $200 value for XRP upon a successful breakout, citing the violent pump that propelled XRP to its 2018 ATH.
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