Amid the current market consolidation, the XRP price has remained stable, hovering above the $0.46 level to seek support above the long-awaited support trend line. This week’s neutral candlestick pattern shows that neither buyers nor sellers are taking a definitive stance to determine the price direction. However, as the Ripple vs. SEC legal battle gradually approaches its conclusion, market participants are expecting a significant directional change in the XRP price.
Also read: Ripple XRP case: Lawyers on final verdict date, chances of appeal and settlement
XRP price targets major bull run after triangle breakout
The current downtrend in XRP began in early March when the price fell from a high of $0.74. This bearish trend resulted in a 36.8% drop, which brought the asset’s value down to $0.427 and its market cap down to $26.28 billion.
However, a look at the daily chart shows that this bear cycle is part of a well-known continuation pattern called a symmetrical triangle. Under the influence of this pattern, the asset price tends to oscillate within two converging trend lines to restore momentum for a particular direction.
If the trend continues, the XRP price, which is currently just above the pattern’s lower trendline, could see increased buying interest. A possible reversal could boost the price by 35% and target the upper trendline at around $0.63.
If XRP breaks out of the triangle pattern, it would mark the end of the ongoing consolidation phase and strengthen the bullish momentum. If buying continues, the post-breakout rally could cross the $2 mark.
Also read: Popular analyst predicts BTC price reversal after drop to this level
Furthermore, renowned trader EGRAG CRYPTO recently shared a bullish analysis for XRP on social media, predicting a minimum price target of $6.4.
#XRP From here to here – Minimum goal: $6.4
After all the saga in the last few weeks, the monthly time frame candlestick formation closes above Fib 0.236. This is simply a natural consolidation! 📈
Next target:🎯 Fib 0.5! Flip it with conviction and then we’ll fly to Fib… pic.twitter.com/SZzrwZeXxU
— EGRAG CRYPTO (@egragcrypto) June 30, 2024
The trader emphasizes that despite recent market fluctuations, XRP’s monthly candle is expected to close above the 0.236 Fibonacci level, which is interpreted as a sign of natural market consolidation.
Looking ahead, EGRAG CRYPTO suggests that the next key target for XRP is the 0.5 Fibonacci level. Due to strong market conviction, they believe that breaking above this target could pave the way for XRP to reach the 1.618 Fibonacci level at $6.4.
Renewed buying interest in the broader market and the outcome of a lengthy legal battle between Ripple and the SEC will go a long way in reversing the XRP price.
Technical indicator:
- BB indicator: The downtrend at the lower border of the Bollinger Band indicator indicates the strong seller influence on the market movement of XRP.
- Moving Average Convergence Divergence: Multiple crossovers between the MACD line (blue) and the signal line (orange) emphasize a short-term neutral market sentiment.
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