XRP is testing the apex of a symmetrical triangle on the weekly chart, suggesting a potential upside. XRPL active addresses jumped to 12,230, indicating an increase in blockchain activity over the past six months.
Cobra Vanguard, a popular crypto analyst on TradingView, conducted an in-depth technical analysis of XRP, concentrating on the weekly period to provide a medium-term outlook. He claims that XRP is currently testing the apex of a symmetrical triangle on the weekly chart. If prices rise further, a major rally may not be far away.
Key chart patterns hint at potential breakout zone for XRP
He pointed out that the AB=CD pattern and symmetrical triangle, along with the ascending chart structure, indicate a clear area of high potential for XRP. If a breakout occurs, the initial target for upside would be $1.30, a level derived from the previous highs within this pattern.
Source: CobraVanguard on TradingView
Meanwhile, XRP is trading around $0.5143, up just 0.22% in the past 24 hours. Nevertheless, pessimism still reigns over the token given the modest rise since its market capitalization fell below $30 billion.
Even more noteworthy is BitBoy, a well-known player in the cryptocurrency space, who recently highlighted the key factors driving the potential for XRP’s surge.
In CNF’s report, BitBoy cited Trump’s possible victory in the US election, the firing of SEC Chairman Gary Gensler, and the end of Ripple’s ongoing legal challenges as potential triggers for a positive increase. He pointed out that
He believes that XRP is past its bull market and could see a 20x price increase given the right conditions.
Additionally, as we previously reported, current XRP Ledger (XRPL) data reveals a significant increase in activity. The number of active sending addresses reached 12,230, a six-month high for blockchain activity.
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