Ripple’s XRP experienced little price movement on Thursday, stabilizing around the $0.53 mark, indicating a consolidation phase. The cryptocurrency has been confined within a tightening range for several months, as seen in the weekly chart’s converging trendlines. This technical formation highlights a period of reduced volatility, with XRP oscillating between key support at $0.52 and resistance just under $0.55.
Despite the sideways price action, XRP has held above the critical $0.50 level, which has served as support since mid-2023. The current price of $0.5338 represents a modest 1.34% gain over the past 24 hours, underscoring the market’s indecision.
Despite the current price action lull, traders are closely watching for a breakout as XRP nears the apex of its consolidation pattern, which could trigger a significant surge.
On Wednesday, renowned crypto analyst Armando Pantoja drew attention to XRP’s technical setup, string that, “I’ve never seen a 7-year bullish pennant like this in all my years of trading.” He suggested the cryptocurrency is on the verge of a major breakout, with years of pressure building up. Pantoja, who has previously set a target to $20, further emphasized that such a setup is rare and may signal one of the year’s most substantial moves for XRP.
“Charts rarely lie, and this setup is too perfect.” He added.
This bullish sentiment is echoed by another analyst, “Random Crypto Pal,” who noted that XRP was showing signs of a breakout. “XRP is getting squeezed in this triangle and will make a move in 1-3 days,” the analyst tweeted. He compared XRP’s current pattern to one seen in 2017, before its massive rally to $3. “DO NOT GET FOOLED,” he urged, adding that XRP had reclaimed losses and surged through resistance, potentially signaling the beginning of a significant rally.
Other analysts, like Javon Marks, have also weighed in, suggesting XRP is primed for a major breakout. According to Marks, the chart indicates a potential surge that could drive the price beyond $3.31, marking a more than 500% increase.
Recently, the pundit speculated that the cryptocurrency could surge as much as $200 in the long term.
Meanwhile, the excitement around XRP’s technical setup comes amid Ripple’s ongoing legal battle with the U.S. Securities and Exchange Commission (SEC). On October 10, Ripple filed a cross-appeal of Judge Torres’s Judgment entered on August 7, 2024. Brad Garlinghouse, CEO of Ripple, stated that they’re “looking forward to sealing the SEC’s fate and finally putting an end to the SEC’s regulation-by-enforcement agenda.”
While some believe the lawsuit won’t hinder XRP’s rise in a bull market, a favorable court ruling for Ripple could significantly strengthen XRP’s bullish outlook and accelerate its price momentum.
