XRP continues to attract the attention of the crypto community, forming a classic symmetrical triangular pattern on the monthly chart with prospects for explosive growth.
Cryptanalyst Mr. Xoom recently highlighted this formation, noting that the “twisting” action of XRP could soon lead to a significant return on investment. The analyst described XRP as “looks like a real treat” which points to a technical situation that has been developing since the asset’s peak in 2021.
The commentary presented a symmetrical XRP triangle that has formed since the 2021 bull run. The formation is characterized by a narrowing price range due to lower highs and higher lows. Analysts have emphasized that this configuration often precedes significant changes in the market.
If XRP breaks the triangle’s upper trendline, it could trigger a bullish rally, potentially pushing the cryptocurrency to new highs. Conversely, a break below the lower trendline could signal a bearish decline.
Mr. Xoom’s latest update follows a post from two weeks ago in which he discussed how XRP’s historical chart shows that the tighter the spiral, the greater the potential profit for steadfast holders. However, the analyst did not provide specific price targets for this potential move.
Market participants are not optimistic about XRP
However, market participants reacting to the latest update do not share the analysts’ optimism for XRP. Several X users expressed skepticism about the validity of the symmetrical triangle and the likelihood of a significant breakout.
One user into question the legitimacy of the pattern, arguing that the lines drawn to form the triangle do not touch the wicks or bodies of the candles. Another user expressed disappointment, suggesting that although XRP has been “twisting” for a long time, it has yet to deliver the promised returns, calling it a “waste of money.”
Others echoed similar sentiments, noting that XRP’s performance has been disappointing and it remains difficult to predict its future based on any strategy.
These pessimistic comments came given XRP Performance for most of this year. XRP is trading at $0.5497 today, down 4% over the past week. Year-over-year, XRP is down 12%, while some of its peers are up more than 50%.
Moreover, the last time XRP made a new ATH was seven years ago. As a result, market participants are becoming less optimistic about its prospects, despite the hype surrounding the token.
