According to Gate News bot, market expert "Crypto Michael" recently posted a technical chart on X (formerly Twitter) showing that Ripple (XRP) has consolidated for seven months after an astonishing 700% price pump, and this rise was triggered by a breakout from a multi-year symmetrical triangle pattern. The chart is based on a 3-month Candlestick Chart, showing that XRP has undergone significant price compression over seven years within the triangle pattern.
As expected, XRP ultimately broke through the upward trend line of the triangular flag at the end of 2024, triggering one of the strongest quarterly rebounds to date. This breakout caused the price to surge by about 700%, pushing the cryptocurrency's price from around $0.6 to over $2.
Since XRP has significantly broken through, the coin has entered a stable phase, consolidating in what appears to be a healthy range. The chart highlights this consolidation area with white circles, indicating that the post-breakout phase has entered a clear stage. Notably, at the time of analysis, the price of XRP was $2.15, above the previous resistance level, suggesting that this cryptocurrency is maintaining strength while waiting for the next bullish catalyst to arrive.
Crypto Michael pointed out that XRP's consolidation phase is about to end, and at the same time, the world's largest cryptocurrency, Bitcoin, is approaching a critical moment: the "8-year line." This correlation suggests that market sentiment may be undergoing a broader shift.
Historically, leading altcoins like XRP tend to follow Bitcoin's trend during market upswings. If Bitcoin (BTC) successfully breaks through this long-standing resistance line, Crypto Michael believes this could become a macro trigger for a new round of rise for XRP.
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Ripple (XRP) will end its 7-month consolidation period after soaring 700%, with significant moves on the horizon?
According to Gate News bot, market expert "Crypto Michael" recently posted a technical chart on X (formerly Twitter) showing that Ripple (XRP) has consolidated for seven months after an astonishing 700% price pump, and this rise was triggered by a breakout from a multi-year symmetrical triangle pattern. The chart is based on a 3-month Candlestick Chart, showing that XRP has undergone significant price compression over seven years within the triangle pattern.
As expected, XRP ultimately broke through the upward trend line of the triangular flag at the end of 2024, triggering one of the strongest quarterly rebounds to date. This breakout caused the price to surge by about 700%, pushing the cryptocurrency's price from around $0.6 to over $2.
Since XRP has significantly broken through, the coin has entered a stable phase, consolidating in what appears to be a healthy range. The chart highlights this consolidation area with white circles, indicating that the post-breakout phase has entered a clear stage. Notably, at the time of analysis, the price of XRP was $2.15, above the previous resistance level, suggesting that this cryptocurrency is maintaining strength while waiting for the next bullish catalyst to arrive.
Crypto Michael pointed out that XRP's consolidation phase is about to end, and at the same time, the world's largest cryptocurrency, Bitcoin, is approaching a critical moment: the "8-year line." This correlation suggests that market sentiment may be undergoing a broader shift.
Historically, leading altcoins like XRP tend to follow Bitcoin's trend during market upswings. If Bitcoin (BTC) successfully breaks through this long-standing resistance line, Crypto Michael believes this could become a macro trigger for a new round of rise for XRP.
(Source: Trading View)