XRP, the cryptocurrency token, has been experiencing a volatile market as a result of comments made by Federal Reserve Chair Jerome Powell regarding interest rate cuts. This has led to a steep drop in XRP’s value, with the token falling to $1.96 before experiencing a slight rebound. Market analysts like CryptoBull believe that this correction is a precursor to a major breakout for XRP.
According to CryptoBull, XRP is currently showing a symmetrical triangle pattern on the 1-day chart. This pattern typically represents market indecision, with bulls and bears competing for dominance. With XRP close to the triangle’s apex, a breakout is imminent which could propel XRP to a new all-time high of $6 within days of the breakout. Key price levels to watch include $2.4 as resistance and $2.0 as support.
CryptoBull also drew parallels between XRP’s current trajectory and its historic 2017 rally. In March 2017, XRP began a multi-month surge that culminated in an all-time high. According to CryptoBull, XRP is repeating this pattern and has already achieved a key target of $1.96. If this pattern holds, XRP could hit $6.28 by the end of December 2024 and skyrocket to $40 by the end of January 2025.
The notable market commentator providing this timeline for XRP’s price surge believes that the structure of the symmetrical triangle will resolve within the next week, leading to a breakout for XRP. This breakout could see XRP retesting its previous high of $2.9 before targeting the $6 milestone. The chart signals that a recovery from the upcoming pullback could potentially breach the triangle’s resistance level.
Overall, the current market environment for XRP is uncertain due to Federal Reserve commentary and regulatory restrictions on the cryptocurrency market. However, analysts like CryptoBull are optimistic about XRP’s future potential, predicting a major breakout in the coming days that could lead to significant price gains for the token. Investors and traders are advised to monitor key price levels and chart patterns to make informed decisions about XRP’s next moves in the market.
