Analyst Predicts Just ‘Days’ Until XRP Price Breakout, Sets $7.5 Price Target
Over the past 24 hours, the XRP price has remained relatively stagnant, with a slight 0.5% dip. One analyst, however, argues that this slowed pace may be a build up to an impending parabolic breakout, just ‘days’ away.
Indeed, XRP has mostly traded sideways this month, weighed down by the ongoing second circuit of the Ripple SEC case.
While other notable altcoins have ridden the bullish wave since last Friday, XRP has crawled, up only 2.36%.
With this lackluster price action, XRP isn’t exactly hot among investors, as the altcoin’s trading volume slides a further 14.27% to $1.19 billion.
However, influential X trader Egrag Crypto notes technical developments that lay grounds for optimism.
The basis for the analyst’s argument is the XRP’s impending breakout as it nears a breakout of a 4-year symmetrical triangle pattern.
Although the analyst noted the potential for XRP to remain confined within the pattern for up to 70 days, ther affirmed with a “high degree of conviction” that it could come much sooner, within the next 15 to 30 days.
Following the pattern, the analyst set a potential breakout target at $0.61 to $0.62, a prospect that seems more credible as other indicators flip bullish.
Most notably, the MACD line has affirmed a crossover above the signal line over the past few days, a move which, in recent history, has consistently led to significant upticks in the XRP price.
XRP has established stronger footing by flipping the 200EMA to support. However, the ongoing struggle against the immediate resistance at $0.55 is the next level to watch.
From there, with a successful retake of the 200SMA, the stage will be set for a more sustained uptrend.
However, the approaching retest of the stubborn $0.55 resistance, which has pinned
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