XRP is currently testing the upper boundary of a symmetrical triangle on the weekly chart, indicating the possibility of an upward movement in its price. This observation was made by Cobra Vanguard, a popular crypto analyst on TradingView, who conducted a thorough technical analysis of XRP focusing on the weekly timeframe. If the price manages to break above this resistance level, a significant surge could be on the horizon.
Cobra Vanguard also pointed out that the AB=CD pattern and the symmetrical triangle, along with the ascending chart structure, are all signaling potential breakout zones for XRP. In the event of a breakout, the initial target for the rally would be $1.30, a level derived from a previous high within the pattern.
At the moment, XRP is trading at approximately $0.5143, showing a slight increase of 0.22% in the last 24 hours. However, despite this small gain, the sentiment surrounding the token remains pessimistic as its market capitalization has dropped below the $30 billion mark.
BitBoy, a well-known figure in the crypto space, has also highlighted some key factors that could drive XRP’s price higher. He believes that a potential victory by Donald Trump in the U.S. elections, the removal of SEC Chair Gary Gensler, and the resolution of Ripple’s legal challenges could all act as catalysts for a positive increase in XRP’s price. BitBoy even suggests that a 20x price rise is not out of the question given the right conditions.
Furthermore, recent data from the XRP Ledger (XRPL) shows a significant increase in activity, with the number of active sending addresses reaching 12,230, the highest in the past six months. This indicates a growing level of blockchain activity for XRP.
In conclusion, XRP is currently testing a key resistance level on the weekly chart, which could lead to a major price surge if broken. Various chart patterns and technical indicators suggest that there are high-potential breakout zones for XRP. Additionally, factors such as the outcome of the U.S. elections, regulatory changes, and legal developments surrounding Ripple could all impact XRP’s price in the near future.