Several analysts monitoring XRP price patterns believe the cryptocurrency might be on the verge of a significant upward movement. Over the past two months, XRP's price has decreased by 23%, but experts suggest this could mark the end of its consolidation phase.
Analysts Predict Breakout Within a Week
Crypto analyst, CryptoBull, has stated that the token is positioned for a breakout in the coming days. Since February, XRP has been trading within a symmetrical triangle pattern, which often precedes a significant breakout. CryptoBull anticipates that XRP could experience a bullish breakout as early as next week.
Market Indicators Supporting a Potential Surge
Other analysts have identified patterns pointing to a potential uptrend. YouTuber Levi Rietveld highlighted a recent golden MACD cross on XRP's chart, a technical signal that has historically preceded significant price increases. Analyst Steph has compared XRP's current structure to a historical price movement that saw the token rise from $0.49 to $3.40.
Contrasting Views: Potential Price Decline
While some analysts foresee a breakout, veteran trader Peter Brandt has issued a more cautious outlook, identifying a head-and-shoulders pattern that could drive the price down to $1.07. Analyst Ali Martinez also warns of a possible correction.
As experts present conflicting views on XRP's near-term trajectory, investors are keenly observing for confirmation of the next price movement. The token might be on the brink of either a significant breakout or decline.
