Originally published on: October 05, 2024
XRP has seen a 15% decline this month, mainly due to the United States Securities and Exchange Commission’s (SEC) renewed appeal in the Ripple lawsuit. Despite this setback, some analysts view XRP’s drop as a potential buying opportunity rather than a cause for worry. Historical price patterns and recent whale accumulation suggest that XRP could be gearing up for a significant rally in the near future.
Analyst CryptoBull has pointed out a resemblance between XRP’s current price behavior and its 2017 bull market trajectory. Back then, XRP consolidated within a symmetrical triangle pattern before skyrocketing by a staggering 66,240% to reach a record high of $3.31. Fast forward to October 2024, and XRP is once again approaching the apex of a similar triangle structure on its monthly chart.
Such patterns often precede strong directional movements, and if history repeats itself, a breakout could result in substantial gains for XRP. For XRP, the apex of the current symmetrical triangle is around $0.52. If the price breaks above the upper trendline around June 2025, the potential upside target could be near $23.40, representing an impressive increase of over 4,200% in the coming years.
The SEC’s appeal in the Ripple lawsuit may impact XRP’s bullish setups, especially if the agency successfully argues that XRP’s secondary sales violated US securities laws. In this scenario, XRP could potentially break below the lower trendline of the symmetrical triangle pattern, reaching the 0.236 Fibonacci retracement line at $0.11, down approximately 78.25% from current levels.
This article serves as information and does not offer investment advice. Readers are encouraged to conduct their own research before making any decisions in the world of investing and trading.
