XRP, the native token used on its Layer-1 blockchain network, has been making waves lately with a significant breakout that has been three years in the making. The XRP chart shows a bullish triangle formation that has finally resolved, resulting in an explosive move to the upside. This is in line with our XRP forecast 2023 and our 5 crypto predictions for this year.
According to the chart, once the 0.66 USD level is cleared, XRP could reach higher targets of 0.87, 1.23, and 1.66 USD. This move could ultimately lead to XRP testing its all-time high at 3 USD, but this will likely only happen once the 1.66 USD level is cleared.
This breakout is a powerful event, as it signifies the end of a three-year consolidation period in XRP. The longer a consolidation period lasts, the more significant the breakout becomes, and the more likely it is to result in a sustainable trend.
InvestingHaven, in its recent article XRPs Explosive Chart Setup Is Ready To Erupt, had forecasted that an explosive move was about to happen, and it happened exactly as expected. The article highlighted XRP’s bullish triangle formation and predicted that it would lead to a significant breakout.
The long-term chart structure of XRP is a giant W reversal pattern, which suggests that the all-time high of 3 USD will be tested either in 2023 or 2024. This is a bullish signal for long-term investors who have been waiting for a major move in XRP.
In conclusion, XRP’s breakout from the bullish triangle is a very powerful chart event. It looks like XRP is ready to test 0.66. Whenever it breaks through 0.66, either short term or medium term, the higher levels between between 1.23 and 1.66 will become realistic and easy to achieve price targets.
In closing, astute readers and responsible investors should ask the question: how to mitigate the SEC lawsuit risk against Ripple?
Very simple, there is an easy way around it. An entry and exit strategy to mitigate the SEC/Ripple risk while leveraging the opportunity that is present on the chart.
How exactly? That’s what we explained in our March 19th alert called ‘Is XRP about to stage a secular breakout‘, available in our crypto research area. You will have instant access after signing up.