- XRP shows signs of a potential breakout, mirroring a past pattern that led to a 66,000% surge.
- Market volatility and evolving landscapes make the future rally’s magnitude uncertain.
Patterns from the past often provide a blueprint for future price movements. Recently, a top market analyst shed light on a recurring symmetrical triangle formation on the XRP three-week chart, reminiscent of the structure observed before the monumental 2018 bull run.
This previous pattern led to an astonishing nearly 66,000% surge in XRP’s price, highlighting the potential impact of such formations on market dynamics.
Recent XRP Price Fluctuations
XRP’s journey has been nothing short of a rollercoaster. Following a peak at $0.5795 on February 16, the cryptocurrency experienced a significant drop, bottoming out at $0.5252 on February 23. This 9% fall from its recent high was a stark reminder of the asset’s volatility.
However, XRP managed to claw back, reclaiming its position in the $0.58 territory, has risen 4.33% in the last 24 hours, showcasing the resilience and dynamic nature of the market.
Historical Patterns and Potential 66,000% Surge
Moonshilla, a pseudonymous crypto market analyst, has brought attention to a pattern that mirrors the prelude to XRP’s historic surge between 2017 and 2018. This pattern, visible in a three-week timeframe, indicates a symmetrical triangle formation similar to the one following the November 2013 high of US$0.0614.
$XRP 👀
exactly 7 years later after it rallied 65000% in 300 days..
coincidence..? pic.twitter.com/3cFEaJ3jE2
— pepa🌙 (@moonshilla) February 23, 2024
After a period of fluctuating highs and lows, XRP attempted its first breakout in December 2014, which unfortunately led to further corrections.
The significant breakout occurred in March 2017, when XRP, after tumbling to a low of $0.0053, skyrocketed by 65,931% to reach an all-time high above $3 in January 2018. This dramatic rise was short-lived, as the asset soon faced a sharp decline, mirroring the broader market correction.
The Current Scenario
Fast forward to the present, and XRP has sculpted another symmetrical triangle, akin to its previous formation. A breakout attempt in 2021 propelled the token to $1.96, but like its 2014 endeavor, it was unable to sustain the momentum. According to Moonshilla’s analysis, XRP is now teetering on the brink of the triangle’s apex.