XRP, the popular cryptocurrency, is currently testing the upper boundary of a symmetrical triangle on the weekly chart, suggesting a potential upward movement in its price. This observation comes from Cobra Vanguard, a well-known crypto analyst on TradingView, who conducted a detailed technical analysis of XRP focusing on the weekly timeframe. According to Cobra Vanguard, if the price manages to break above this resistance level, a significant surge could be on the horizon.
Cobra Vanguard also pointed out two key chart patterns, namely the AB=CD pattern and the symmetrical triangle, along with the ascending chart structure, which indicate areas with high breakout potential for XRP. In the event of a breakout, the initial target for the rally would be $1.30, a level that is derived from a previous high within the pattern.
In the meantime, XRP is currently trading at approximately $0.5143, showing a slight increase of 0.22% in the past 24 hours. However, despite this small uptick, there is still a prevailing pessimistic sentiment surrounding the token, as its market cap has fallen below the $30 billion mark.
BitBoy, another prominent figure in the crypto space, has also highlighted some important factors that could potentially drive XRP’s price surge. According to a report from CNF, BitBoy believes that a potential victory for Donald Trump in the U.S. elections, the removal of SEC Chair Gary Gensler, and the resolution of Ripple’s legal challenges could serve as catalysts for a positive increase in XRP’s value. He further suggests that XRP has long been due for a bull run, and under the right conditions, a 20x price rise is not out of the question.
Furthermore, recent data from the XRP Ledger (XRPL) has revealed a significant increase in activity, with the number of active sending addresses reaching 12,230, the highest in six months. This surge in blockchain activity further supports the notion of a potential uptrend for XRP.
In conclusion, XRP is currently showing signs of potential upward movement, as it tests the upper boundary of a symmetrical triangle on the weekly chart. Key chart patterns and increased blockchain activity further add to the positive outlook for XRP’s price. However, market conditions and external factors mentioned by BitBoy will ultimately determine the outcome of XRP’s future performance.