XRP has continued to garner attention in the crypto community as it forms a classic symmetrical triangle pattern on the monthly chart, with prospects for an explosive upside move.
Crypto analyst Mr. Xoom recently highlighted this formation, noting that XRP’s “coiling” action could soon lead to a significant return on investment. The analyst described XRP as “looking like a real treat,” pointing to the technical setup that has been developing since the asset’s 2021 peak.
The commentary featured a symmetrical triangle pattern XRP formed since its 2021 bull run. The formation is characterized by a narrowing price range due to lower highs and higher lows. Analysts have emphasized that this configuration often precedes significant market moves.
Should XRP break above the upper trendline of the triangle, it could trigger a bullish rally, potentially driving the cryptocurrency to new highs. Conversely, a break below the lower trendline could signal a bearish downturn.
Mr. Xoom’s latest update follows a post from two weeks ago, in which he discussed how XRP’s historical chart shows that the tighter the coil, the more substantial the potential returns for steadfast holders. However, the analyst did not provide specific price targets for this potential move.
Market Participants Not Optimistic about XRP
However, market participants reacting to the latest update do not share the analyst’s optimism in XRP. A few users on X have expressed skepticism about the symmetrical triangle pattern’s validity and the likelihood of a significant breakout.
One user questioned the legitimacy of the pattern, arguing that the lines drawn to form the triangle do not accurately touch the wicks or candle bodies. Another user expressed frustration, suggesting that while XRP has been “coiling” for a long time, it has yet to deliver the promised gains, calling it a “waste of money.”
Others echoed similar sentiments, noting that XRP’s performance has been disappointing, and it remains difficult to predict its future based on any strategy.
These pessimistic commentaries emerged considering XRP’s performance for most of this year. Today, XRP is trading at $0.5497, down 4% over the past week. On a year-to-date scale, XRP is down 12%, while some of its competitors post over 50% gains.
Moreover, XRP last created a new ATH seven years ago. As a result, market participants are increasingly less optimistic about its prospects despite the hype around the token.
Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author’s personal opinions and do not reflect The Crypto Basic’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
