Expert Identifies Specific Timeline for XRP to Break Above 7-Year Pennant Resistance

Market expert “Michael XBT” has identified a specific timeline for XRP to break its 7-year symmetrical triangle formation.

A few days ago, MichaelXBT announced that XRP was about to break out of its giant 7-year bearish trend. The bullish sentiment has since sparked reactions from community members regarding the precise timing of the breakout amid prolonged expectations.

In response to questions, Michael indicated that August was the month when this important event could occur, which gave rise to much discussion and prediction.

XRP Giant Symmetrical Triangle Pattern

In a July 17 article, MichaelXBT underlines that the 7-year symmetrical triangle pattern observed on the XRP chart is unprecedented in the cryptocurrency market according to his observation.

This bullish formation typically precedes a period of consolidation after an initial price rally, indicating the potential for a resumption of the upward move. The pattern is characterized by a strong uptrend, followed by a series of converging lower highs and higher lows. For XRP, this formation began after reaching a high of $3.84 in January 2018 and has persisted.

MichaelXBT’s prediction of an August breakout of XRP’s 7-year symmetrical triangle has sparked mixed reactions from the community. Some users humorously noted the long-term nature of XRP’s potential breakout and the fact that no one else has ever made the correct prediction.

Amidst the doubt over the timeline, Michael clarified that XRP is approaching the critical point of this formation and a breakout is due to occur in the coming weeks.

Others have speculated that external factors, such as the resolution of ongoing legal issues, could impact the timing of the escape.

Market indicators are positive

Technical analysis further strengthens the breakout narrative. The red bars on the Santiment chart below represent the number of new assets issued daily on the XRP ledger. We see a significant increase in the number of new assets issued towards the end of July.

Note that an increase in newly issued assets may indicate growing interest and activity on the XRP ledger, which may have a positive impact on the XRP price. Additionally, the increase in development activity in late July suggests continued improvements to the project, which could boost investor confidence.

This Bitcoin Maxi trades XRP for profits

Further proving the optimism of XRP within the community, MMCrypto, a well-known Bitcoin maxi, revealed that even though he doesn’t favor XRP, he trades the asset for substantial profits.

He recently shared details of a lucrative leveraged trade on XRP that generated impressive returns, including a 48.21% gain on a trade opened at $0.5757 with 10X leverage, resulting in an unrealized profit of $11,987.

Currently, XRP is trading at $0.608626, supported by a 24-hour trading volume of $960,672,503.

Disclaimer: This content is informational and should not be considered financial advice. The opinions expressed in this article may include the personal opinions of the author and do not reflect the opinion of The Crypto Basic. Readers are encouraged to conduct thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.

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