Once the breakout level of $0.625 is cleared, with a confirmed move higher lasting longer than 5 days, it will mark a secular breakout. This will unleash tremendous bullish energy, and confirm those higher XRP price targets.
RELATED – XRP Exchange Reserves Drop as Whale Activity Explodes
In this post, we look at the XRP chart which is absolutely phenomenal.
We visualize why exactly $0.625 is such a critical level. Implications of a breakout above $0.625 are not be underestimated.
Chart – XRP giant breakout
The XRP chart, which we also use to derive our 2025 XRP price forecast, is the one shown below.
We made it visually easy to instantly see the importance of $0.625 as the most important price point since 2017.
The $0.625 price point coincides with the 50% Fibonacci retracement point since the 2017 peak.
Remember, the 50% Fibonacci retracement point is, by far, the most important price point to track after any top is set, in any market, not just XRP.
Volume at the XRP’s breakout level
One of the important metrics to watch for is whether the breakout, irrespective on when it exactly happens, comes with increased trading volume.
We agree with this post on X – low trading volume currently is somehow concerning. Anything can happen going forward but for now, pre-breakout, the lower trading volume is not encouraging.
BREAKOUT Imminent for $XRP – 3 years downtrend. Push to $0.9 on the cards.
not expecting anything more dramatic though. Volume still low pic.twitter.com/W0usDF5EPl
— The House Of Crypto – September 29, 2024
Low trading volume is not an issue tied to XRP.
The entire crypto market lacks momentum. It’s a broad market issue. Even with recent bullish momentum, trading volumes remain unusually low.
Whenever trading volume picks up again, in broad crypto markets, we assume it will easily support the XRP giant breakout.
In the end, we conclude that it’s a matter of WHEN, not IF, for this magic breakout moment for XRP to occur.
Catalyst for the XRP giant breakout to succeed
What is a possible catalyst to enable this secular XRP breakout?
The official end of the SEC/Ripple case!
Oct 7th, 2024, is an important date for XRP as it marks the deadline for appeal by the SEC.
It would make a lot of sense that the final confirmation of no appeal by the SEC would be the ultimate catalyst for XRP to break out!
Monday, Oct 7th, 2024, might be the day that XRP whales are waiting for to push XRP well above $0.625.
XRP breakout conditions
One closing thought – the XRP breakout above $0.625 is a big thing.
It qualifies as one THE most important ‘events’, certainly from an XRP chart perspective, since its 2017 top as well as the X-mas 2020 crash (induced by the SEC).
Now, an intraday move above $0.625 will not qualify as a breakout.
We need at least 5 consecutive days above $0.625 without touching that level. That’s 5 full daily candles above $0.625 without a touch of $0.625.
We are in the camp that it is matter of time until XRP breaks out, and starts its epic move to former ATH. In the end, does it matter when XRP breaks out? All that matter is the end result which is $3 as one of its obvious targets.
