The ongoing XRP breakout is an important ‘event’ to watch. That’s because of the importance of this XRP breakout – it might trigger the ultimate secular breakout which, once successful, will push the price of XRP much higher.
Related – Will The Price Of XRP Rise In 2024? 5 Must-See XRP Charts.
One way or another, it is very hard for investors to ‘stomach’ a lagging token in their portfolio.
XRP, traditionally a laggard, is doing what it is supposed to do. A laggard is expected to lag – a leader is expected to lead.
As the price of XRP is lagging, Ripple (the company) continues to add tremendous value as evidenced by its recent award.
We’re excited to share that we are FinTech Breakthrough Award Winners for 2024 for Best Cross-Border Payments Platform and Best DeFi Infrastructure Platform! 👏
Thank you, @Fintech_Awards, for the recognition! 💫https://t.co/lGliRCp00V pic.twitter.com/5xAdiRoiXm
— Ripple (@Ripple) March 18, 2024
XRP price – feels boring, looks cluttered
The XRP price says it all. XRP holders feel bored, many are ‘annoyed’, they use language like ‘disappointed’. That’s because it is tough, as an investor, to see other assets move higher but not the asset you are holding.
A quick look at the XRP chart makes it clear – a boring chart, flat for 9 months now – a drama for holders.
Really?
Not from our perspective, is what we would say. While it is factual accurate that XRP is flat for the past 9 months, it does not tell anything about the future. What truly matters is the chart structure, the pattern, the dynamics. The XRP chart looks really powerful. It looks good, not bad. You need to zoom out though, in the next section we will explain why XRP looks good (not bad.
Needless to say, XRP holders that feel depressed or annoyed or disappointed (pick any word that is a synonym and that expresses language that some holders tend to use) will go to social media to look for evidence that they are ‘right.’
In terms of sentiment, social media is obviously full of messages like the one below.
I want to be completely honest: I believe less and less that we will get out of the good news this year – or perhaps ever. The AMM was just the beginning, there is a real danger that the XRPL will also be able to do smart contracts in the Future. Ripple is currently building an…
— @Leerzeit March 23, 2024
It becomes a vicious circle – the chart is flat, it feels bad, social confirmation, price still not moving, preying, social confirmation gets stronger, still no price change.
Bail.
We have a different view. All it requires is understanding the chart.
XRP breakout attempt ongoing
The chart reality is different.
The XRP chart looks good, so good, really good.
If anything, XRP is now consolidating right at the 50% retracement level (an absolutely level) between its Corona crash lows and 2017 highs. Moreover, this same level happens to be where the multi-year falling trendline comes in. That’s a strong confluence between two long term patterns.
Stated differently, XRP is working on a breakout. This implies that it moves a little bit higher from here to confirm a breakout. What a beautiful XRP chart, if you ask us.
Who said XRP is boring? Emotions and ratio are two completely different things, only those that undertake some effort to study markets and charts will understand this concept, it might take a few years (a decade) until this concept is clear.
XRP – the secular breakout will be ‘the real deal’
Now, if you thought the above chart was interesting, we have news for you – there is an even more interesting XRP chart. Below is the weekly timeframe, now THAT is an interesting XRP chart.
The weekly XRP chart features a long term triangle. This setup is bullish, without any doubt!
As seen, there is a second breakout point which complements the one from the daily chart (above) – 0.88 USD is the secular breakout point.
What this really means is that XRP is working on breakout #1 now after which it will face a second breakout challenge. If and when XRP is able to clear both breakout points, it will qualify as a giant breakout with price targets 1.50 and 2.70 USD. We don’t know in which world and on which planet some people live, but in our world this is the exact opposite of a ‘boring’ setup.
XRP – double breakout scenarios
In essence, XRP will go through one of the following 3 scenarios:
- None of the two breakouts work out by July of 2024 – bad outcome, really bad.
- The first breakout works, but XRP continues to consolidate between 0.6 and 0.88 – not bad at all as long as 0.6 holds as support it will be great long term.
- XRP succeeds in clearing both breakout points (0.6 and 0.88) – this will open the door for 1.5 and 2.7, presumably before the start of this summer.
Whoever told you that XRP is boring, probably is an emo-guy or emo-girl. Better focus on the charts, use ratio, ensure to control emotions by sound analysis.
We like XRP here, we like XRP a lot.
