Expert Reveals Price At Which XRP Will Finally Break 6-Year Triangle

As XRP experiences unexpected resurgence during red market, a prominent market analyst identifies the price at which XRP could break its six-year downtrend.

XRP has designed another rare and impressive uptrend at a time when cryptocurrency market sentiment is bearish. Yesterday, Bitcoin’s retest of the $65,323 low caused altcoins to hemorrhage, but not XRP. Notably, XRP initially followed Bitcoin’s path and crashed to around $0.59.

While Bitcoin and most altcoins have yet to recover, XRP then defied the downtrend, surging 10.14% to $0.6579, setting a new four-month high.

At press time, XRP continues to hold most of its gains, trading at $0.6414. Additionally, XRP now ranks as the best performing crypto asset among the top 100 over a 24-hour period.

XRP tops the rankings | CoinMarketCap

This impressive performance in the midst of a hemorrhaging market has sparked wild reactions from the crypto community, sparking increased conviction about its prospects in this bull market.

Ali Martinez, a renowned market observer, has commented on the future development of XRP, but he has rarely expressed his opinion on the XRP price action. Speaking to X, Martinez noted that XRP could continue its bullish trajectory towards the $1 level.

Price at which XRP will break the 6-year triangle

First of all, the technical analyst pointed out that XRP has been moving within a symmetrical triangle for over six years. It is worth noting that the formation gained its height from XRP’s peak in 2018. With XRP seeing lower lows from that point on, the resulting pattern translates into a gigantic symmetrical triangle.

Amid XRP’s latest comeback, Martinez noted that XRP could finally break its six-year downtrend by surpassing the $0.9 price level. This breakout suggests that once XRP recovers $0.90, This could initiate more consistent uptrends, marking the start of a new pattern away from the long-standing symmetrical triangle.

XRP was last seen at $0.9 in July 2023. To reclaim that price, the asset still needs to gain 40.3% from its current value. It’s worth noting that this percentage increase may not be great for XRP, given that the asset has already grown up by 71%, from a low of $0.385 to a high of $0.6579 this month.

Timeline for XRP to reach $0.9

While Martinez identified $0.9 as the key price point for a bullish breakout in XRP, another market observer provided an estimated date for this event.

In a separate analysis, market psychologist and chartist Michael XBT argued that XRP could break out of the six-year symmetrical triangle from August — starting tomorrow.

Although he encountered some resistance regarding this timeline, Michael emphasized that XRP is at the top of the trend and is due to break out in the coming weeks.

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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