Breaking Free: Analyst Eyes $1.68 Breakout For XRP After Years In The Shadows

The price of XRP, the native token of Ripple, has been on a rollercoaster ride in recent years. After reaching a peak of nearly $2 in April 2021, it has been in a downward motion, leaving investors wondering if a comeback is on the horizon.

However, a recent analysis by market analyst Jonathan Carter suggests that XRP might be on the verge of a significant breakout.

XRP Stuck In Symmetrical Triangle

Carter’s prediction hinges on a technical chart pattern known as a symmetrical triangle. This pattern typically forms during periods of consolidation, with prices bouncing between converging upper and lower trendlines.

XRP has been trading within this triangle for several years, indicating a potential struggle between buyers and sellers.

Support Retest Fuels Breakout Hopes

The recent price drop in April, which mirrored a broader market correction, saw XRP retest the lower trendline of the symmetrical triangle.

In technical analysis, such a retest is often seen as a precursor to a breakout, where the price decisively breaks through one of the trendlines. Carter believes this retest signifies an imminent upswing for XRP.

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Ripple is bouncing from the lower trendline of a symmetrical triangle on the weekly chart