XRP price has recently captured the attention of the cryptocurrency community. Its potential to expand fivefold in value is illustrated by a symmetrical triangle pattern forming on its monthly chart.
This technical formation, often associated with significant price movements, points to a bullish outlook. This draws increased interest from investors and analysts alike.
This structure was recently revealed by a crypto analyst, Mr. Xoom. He noted that due to the continuous coiling pattern of XRP, the investors might earn a great deal. The asset has gained a new 2021 high from the technical setup. The analyst shared visions, about XRP “looking like a real treat.”
Symmetrical Triangle Formed for XRP Price
An important aspect that has been noted during the 2021 bull run was the symmetrical triangular pattern. It has formed again for XRP price. The formation presents lower highs and higher lows to help in tightening the price range. There have been analyses from various writers stating that this circumstance usually precedes a change in the market.
More so, the bullish pattern in the triangle means that if the XRP price crosses the top trendline it can force the coin to experience an all-time high. If XRP price penetrates the lower trend line, it might signal a reduction in the bear market.
The latest update from Mr. Xoom comes after he penned an article two weeks ago. He said XRP price has always pointed to the fact that the potential rewards for faithful holders rise with coil tightness. The analyst, however, failed to give mathematical forecasts of prices for this potential change.
Doubts on Ripple (XRP)
Although the symmetrical triangle pattern is a well-known technical formation. Some experts advise being cautious because it does not ensure a breakout. It would also be easy for the market to go sideways for a lengthy length of time, frustrating traders. Mr. Xoom’s latest research has pointed out critical resistance levels. XRP price needs to breach certain levels to avoid further plummeting.
A user questioned the pattern’s validity, claiming that the triangle’s formed lines do not precisely meet the candle bodies or wicks. Another user voiced displeasure, arguing that even though XRP has been “coiling” for a while, the anticipated profits have not yet materialized and that it is a “waste of money.”
Others echoed similar sentiments. Some said that the XRP price has lagged, and no one can know what’s next for the cryptocurrency with any level of certainty.
The larger external environment also poses considerable challenges to investors, and they should learn to look at the signs of any shift. The cryptocurrency market is known to be volatile, and while the historical data might explain the current trend, history does not always predict the future.
As for the regulation of XRP, there are views that it is among the best cryptocurrencies one could invest in, while others advise that one should exercise some discretion when investing in this crypto.
The metrics that will be of value in tracking XRP price in the future would be the price and volume of the market as it evolves. Thus, should XRP price be able to solidify past the present resistance, institutional and individual investors could be more inclined to it. However, if this is not accomplished, it is possible to have a long consolidation phase that may disappoint investors.
