The cryptocurrency community has turned its attention to XRP as the digital asset shows signs of a potential breakout. According to a recent analysis by CryptoBull (@CryptoBull2020) on X, XRP is poised to exit a falling wedge pattern on December 29, 2024.
The chart that the analyst presented suggests a rapid rise to $5.6 by January 19, 2025, echoing its price movement in March 2017.
If we follow the March 2017 pattern #XRP will break out of this falling wedge tomorrow and reach $5.60 on January 19. pic.twitter.com/tcX0nUNBII
— CryptoBull (@CryptoBull2020) December 28, 2024
XRP trades above $2 for the first time since 2018, reflecting renewed investor interest. Additionally, XRP recently touched $2.86, its highest price since 2018, suggesting robust buying pressure.
While the digital asset has faced significant resistance, its ability to hold above $2 shows its underlying strength. If the bullish momentum continues, the chance of a new all-time high cannot be ruled out.
CryptoBull’s chart analysis highlights a falling wedge, a bullish continuation pattern indicating a possible upward breakout. The daily chart shows XRP consolidating within this wedge, with decreasing price volatility and narrowing trendlines.
The analyst recently shared a similar analysis , and this breakout, anticipated to occur soon, aligns with historical patterns that suggest significant upward momentum following such formations.
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Can XRP Mirror Its 2017 Performance?
The importance of this potential breakout lies in the projected trajectory. If CryptoBull’s analysis holds, XRP’s move to $5.60 would represent a substantial gain of 154.5% from its current price of $2.2. Such growth would send the asset to a new all-time high, eclipsing its current peak of $3.84 which it achieved in January 2018.
However, it is important to note, that while chart patterns like the falling wedge are reliable indicators, they are not guarantees. Market sentiment, external news, and broader economic factors all play a role in determining price movements. However, investors seem to be overwhelmingly bullish on XRP.
The broader macroeconomic and regulatory landscape contributes to the positive sentiment around the digital asset. The recent resignation announcement by Gary Gensler, the current SEC Chair, effective January 20, 2025, is a pivotal development for crypto.
President-elect Donald Trump has already nominated a pro-crypto successor to Gensler, and January 20 will be a pivotal day for XRP. Notably, CryptoBull expects XRP to hit $5.6 by January 19. Trump’s inauguration and Gensler’s resignation the following day could give XRP a much larger boost, potentially sending it to double or triple digits.
Disclaimer: This content is meant to inform and should not be considered financial advice. The views expressed in this article may include the author’s personal opinions and do not represent Times Tabloid’s opinion. Readers are urged to do in-depth research before making any investment decisions. Any action taken by the reader is strictly at their own risk. Times Tabloid is not responsible for any financial losses.
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