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The XRP price may be gearing up for a historic breakoutas a long-term Symmetric Triangle pattern from 2017 resurfaces on the charts. If history repeats and a similar explosive move follows, a crypto analyst predicts XRP could skyrocket to an eye-popping $30. XRP Price Triangle Pattern Signals Breakout Above $30
A new technical analysis by Egrag Crypto, a crypto analyst on X (formerly Twitter), has stirred excitementamong XRP supporters, suggestingthat the digital asset may be on the brink of a historic price surge and that XRP could jump from its current market value of $2 to reach $30 soon. Related Reading Crypto Pundit Reveals What Will Happen If XRP Price Does Not Break $2.3 4 days ago
While this figure may seem rather ambitious, Egrag Crypto has identified a massive Symmetrical Triangle formationon XRP’s monthly chart. Interestingly, the analyst has revealed that this pattern is strikingly similar to one that preceded XRP’s legendary 2,600% rally in the 2017 bull market.
In the 2017-2018 bull market, XRP had surged to an all-time high of $3.84 in just months. Now, after years of tightening price action within a giant Symmetrical Triangle, the altcoin appears to be breaking out once again, and this time, the analyst predicts that the upside could be even more explosive. Source: Egrag Crypto on X
According to Egrag Crypto’s chart, if the asset mirrors its previous 2,600% triangle breakout, it could soar from the breakout zone around $1.20 to as high as $32.36. Notably, XRP’s Symmetrical Triangle formation is a classic consolidation pattern that usually results in a bullish surge in the direction of the prevailing trend.
Currently, XRP’s all-time high is $3.84. A potential surge to $32.36 would represent a whopping 741.6% increase, propelling its price to a level far exceeding its historical peak. Bullish Pennants Strengthen Symmetrical Triangle Forecast
Egrag Crypto’s bullish forecast for XRPis supported by a textbook diagram comparing bullish pennants and symmetrical triangles, both of which point to double target zones once a breakout occurs. The pattern suggests that once the altcoin escapes its multi-year consolidation, the analyst’s projected rally may play out in three stages: an initial pump, followed by a retracement, and a second explosive move. Related Reading XRP Price Eyes 20% Move With Golden Pocket Appearance 1 week ago
The XRP price chart shows a lower target, around $3.52, which aligns with the 1.0 Fibonacci retracement level. This indicates that the token could see a temporary rebound to 3.52, followed by a short-term pullbackto the triangle breakout point at $1.20, before ultimately bouncing toward the projected $32.36 target.
Notably, this movement aligns with XRP’s current market structure, where it has maintained long-term support and is now showing signs of upward momentum. While historical price patterns offer insights into potential moves, the predicted rise to $32.36 is uncertain, given the magnitude of such a rise. XRP trading at $2 on the 1D chart | Source: XRPUSDT on Tradingview.com Featured image from Adobe Stock, chart from Tradingview.com