The XRP price appears to be shaping up for an imminent bullish breakout, with multiple analysts predicting that the crypto will enjoy a massive price surge following a symmetrical triangle breakout.
XRP (XRP) was last trading around $0.60. That means it is up roughly 28% for the month, a better return that all top 10 coins excluding Solana (SOL).
And XRP’s long-term technicals hint that outperformance could continue in the longer-term.
According to crypto analyst Alex Clay, XRP is breaking out of a symmetrical triangle that is has been consolidating with for 2275 days.
#XRP/USDT$XRP is breaking out of the symmetrical triangle (2275 Days we were accumulating inside the one and fighting with SEC)
I am bullish
Mid-Term Target – 1.2580$
Mid-Term Target – 1.5700$
Long-Term Target – 3.1000$ pic.twitter.com/n6947GILxC
— Alex Clay (@cryptclay) July 22, 2024
His mid-term targets are $1.2580 and $1.57, whilst his longer-term target is $3.10.
That would mark a more than 5x return for the XRP price from current levels. Not bad.
And Alex Clay isn’t the only bullish analyst that has spotted the potential bullish breakout.
X users XRP Captain and The Moon also tweet about a potential triangle pattern breakout.
XRPUSD / Source: TradingView
XRP Price Prediction – Can It Break Above $1 This Year?
XRP has lagged the broader crypto market since the unofficial start of the current bull market in late 2022.
While the XRP price is up around 2x from its 2022 lows, Bitcoin (BTC) and Ethereum (ETH) are both up over 4x. Solana (SOL), meanwhile, is up a stunning more than 20x.
That’s despite XRP issuer Ripple Labs seemingly gaining the upper hand in an ongoing lawsuit with the SEC in 2023.
XRP has lacked a compelling adoption story, which could explain its underperformance.
But if the above bullish forecast, a catch up trade could be in the offing.
If it can break out of its long-term triangle, the XRP price could pump back above $1 this year.
XRP Alternative to Consider
The XRP price could post substantial gains this bull market.
But investors looking to book faster exponential gains should check out new meme coins.
Meme coins are launched on DEXs every single day. But most fall flat.
More often than not, more successful meme coin launches start with a presale.
That means time to build up hype, and funds to spend on marketing.
Analysts at Cryptonews.com keep a close eye on the presale market.
And one new meme coin presale they like a lot is called Wiener AI (WAI).
Not only is it a fun Sausage-dog themed twist on a traditional Shiba Inu-dominated meme coin market, but it also has an exciting AI use case.
More than just a bot–WienerAI is your ultimate crypto trading companion.
We’re delighted to share some sneak peeks with our incredible and supportive community. (1/4) pic.twitter.com/kR8ypeJycj
— WienerAI (@WienerDogAI) June 11, 2024
Investors have already poured over $8 million into the presale.
$8 Million raised and launch is around the corner!! The hype is real! pic.twitter.com/XiiZ3UqIns
— WienerAI (@WienerDogAI) July 26, 2024
Interested investors need to move quickly, with the presale scheduled to end in just over four days.
Find out why Cryptonews.com’s in-house presale analyst Chester thinks this project could be the next 100x gem.
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