- Analysts highlighted XRP’s long-term triangle pattern as crucial, with the subwave C acting as a pivotal point for future price movements.
- XRP’s price must reclaim the $0.75 threshold to confirm a bullish surge, which could lead to new all-time highs.
Ripple [XRP] has been a subject of keen interest in the crypto community, particularly due to its long-term accumulation within a substantial triangle pattern.
This structure has been developing over more than seven years, suggesting that it could represent a corrective mode that adheres well to wave theory due to its extended history.
Analysts have highlighted the importance of the triangle pattern that XRP is currently navigating. If XRP remains above the subwave C, there is a possibility of reaching new all-time highs.
Conversely, failure to maintain this position could result in a series of 1-2 wave formations, which are seen as less favorable due to their propensity for failure and potential to extend indefinitely.
Should the intermediate wave 2 in orange break the invalidation level, there could be a shift to the primary wave 2 of a higher degree, extending the correction period. This scenario is deemed unfavorable, potentially leading to a price drop below one cent.
Despite these risks, XRP has shown some recent momentum, although it faced resistance around $0.46, indicating dwindling selling pressure.
XRP: Market performance
As of the time of writing, XRP was priced at $0.4524, with a 24-hour trading volume of $1,028,944,454.
Commentary from analysts like EGRAG have provided a detailed outlook on XRP’s potential future. Notably, EGRAG initially set a target of $15 for XRP, later revising it to $17.
His analysis identified key factors that could indicate the start of a journey towards this new target.
Source: X
One crucial factor was XRP reclaiming the $0.4 region. XRP fell below this threshold on the 5th of July but has since managed to regain its footing.
In the past 24 hours, it nearly dropped to $0.39 but recovered to trade at $0.44, posting a 2% gain.
EGRAG emphasized that closing above $0.75 was essential for confirming the initial phase of a bullish surge. This would mark the beginning of a potential rally towards a new all-time high.
To achieve this, XRP must undertake a formidable 70% bullish rally from its current position.
Market activity and trends
According to AMBCrypto’s look at Santiment’s data, over the past six months, there was a correlation between XRP’s price fluctuations and transaction volume.
Source: Santiment
Realistic or not, here’s XRP’s market cap in BTC’s terms
Despite some variability, the number of active addresses has generally declined, paralleling a gradual decrease in XRP’s price.
This trend suggested a potential reduction in network activity and user engagement, which could impact XRP’s long-term performance.