XRP’s journey since its all-time high of $3.31 in 2018 has been marked by significant volatility and stagnation. Over the past six years, the cryptocurrency has formed multiple symmetrical triangles across various timeframes, reflecting a pattern of consolidation with no clear breakout.
Despite the bull market in 2021, which spurred new all-time highs for many digital assets, XRP remained trapped within these triangular patterns, leading to increased scrutiny from market analysts regarding its future performance.
Among the analysts observing XRP’s long-term trend is Market Maestro, which expresses a bearish outlook. He emphasizes the lack of a breakout from the six-year symmetrical triangle, highlighting XRP’s persistent struggles at the $0.6 resistance level.
According to his analysis, XRP has been stuck in a consolidation phase since January 2018, with repeated failures to overcome key resistance points. This trend indicates that the asset may need a significant influx of buying momentum or a strong external catalyst to escape its current stagnation.
XRP Faces Diverging Analyst Views as Breakouts and Resistance Levels Shape Its Future
Conversely, crypto analyst Mikybull adopts a more positive stance, identifying a smaller three-year triangle pattern formed after XRP’s decline from $1.96 in April 2021. Mikybull believes that XRP has recently initiated a breakout from this smaller triangle, suggesting the start of a notable upward trend.
His analysis indicates that if this breakout continues, XRP could potentially reach prices between $10 and $20, bolstered by increasing buying pressure and strong momentum signals.
Supporting this optimistic outlook, analyst XForceGlobal shares similar sentiments regarding XRP’s potential. XForceGlobal highlights that XRP has just broken above a multi-year BD trendline, indicating a positive shift in its trajectory.
He suggests that if XRP remains above this trendline for a few weeks, it could target price levels ranging from $7 to $10. Both Mikybull and XForceGlobal emphasize the importance of sustained buying momentum in the market, which could lead to a significant price surge in the long term.
In contrast to the bullish perspectives, the crypto analytical platform CryptoBusy provides a more cautious short-term outlook. They acknowledge that XRP has recently broken out of a symmetrical triangle formed after its decline from $0.93 last July, leading to a temporary increase in price.
However, they note that momentum has weakened, with XRP currently trading around $0.6284. Analysts stress that maintaining the psychological support level of $0.60 is crucial for XRP’s potential upward trend, as falling below this threshold could result in a retest of lower price levels, including $0.5 in the near future.
