Analysts Spot XRP’s Potential Bullish Breakout: Key Patterns To Watch

XRP’s price trajectory shows that the token is about to see a  bullish breakout, with analyses highlighting promising indicators. Egrag Crypto points to the formation of two hammer candles on the 3-month time frame before major price pumps. 

These formations occurred in April-June 2016 and July-September 2017, leading to substantial price surges. Currently, XRP must close above $0.55-$0.58 within the next 10 days to form another perfect hammer, potentially triggering a massive rally.

If XRP achieves this hammer formation, a substantial pump is anticipated. Egrag Crypto predicts a possible 1700% increase, potentially pushing XRP’s price to around $8 by July 2024. 

However, if the hammer formation is delayed, a more extended wait of six months could result in an even major surge, possibly reaching $27, marking a 5500% increase. This projection underscores the importance of closely monitoring XRP’s performance in the coming days.

Additionally, Javon Marks highlights a hidden bullish divergence in XRP, reminiscent of the 2017-2018 period when the cryptocurrency saw a 62,100% climb. This historical pattern, combined with the current technical indicators, suggests that XRP could be on the verge of another breakout. 

With prices nearing major converging breakout points, the likelihood of a bullish rally is high, potentially driving XRP into the $10s, $20s, or even higher.

Besides, crypto analyst Dark Defender also noted a bullish reversal in the XRP/BTC pair. The weekly time frame shows a Golden Cross for RSI, suggesting BTC might lose dominance to XRP soon. In the short term, XRP’s targets range from $0.5286 to $0.6649, with support at $0.4623.

As of the time of publication, CoinGecko data shows that XRP is trading at $0.4986 and has a daily trading volume of $887,118,353.03. Over the last week, the price has surged by 2.88%, and it has risen by 1.05% in the last day. These encouraging patterns together with the technical analysis make a strong case for a bullish short-term prognosis for XRP.

Current technical indicators and historical patterns suggest XRP’s potential for a significant bullish breakthrough. The impending 3-month candle closure should be closely watched by investors as it may indicate a big increase in XRP’s price.