Pundit Declares XRP Rally Just the Beginning After Shattering 7-Year Consolidation
In a major milestone for the XRP community, the cryptocurrency has broken out of a seven-year symmetrical triangle pattern, igniting analysts predictions of an unprecedented bull run. This breakout propelled XRP above $1.50 on Saturday, following a remarkable 30% surge since Fridays market open.
Popular crypto analyst Egrag Crypto, who has been closely tracking XRPs price action, emphasized the significance of the Genuine Wake-Up Line breakthrough. The current price action is particularly noteworthy as it represents a decisive break from the consolidation pattern that has contained XRPs price movement since 2017.
Nothing has changed except the price pumped to $1.5, stated Egrag in a tweet, maintaining his steadfast position of not selling despite the impressive gains. The analyst has set ambitious targets of $5.5 to $7.5 in the medium term, suggesting the current surge represents just the first wave of a larger macro movement.
The $7.5 target is just Wave 1, part of the bigger MACRO Wave 3 (Hint: Wave 3 brings us to 2-digits, he noted.
Further, while acknowledging the potential for short-term corrections, emphasizing that the breakthrough above the Genuine Wake-Up Line requires a three-day close above the resistance level to confirm the bullish trend, the pundit remained confident in XRPs long-term trajectory. I didnt HODL for seven long years just to sell at these levels, he declared, urging his followers to trust the process as XRP enters what he described could be a transformative phase in its history.
Sharing a similar chart, analyst Armando Pantoja reinforced the bullish sentiment, identifying critical price levels at $1.33 and $1.88, with an ambitious price target range of $8-$30. After $1.88, its a clear path back to the ATH of $3.84, Pantoja noted, drawing parallels to previous breakout patterns that resulted in significant price appreciation.
XRPs rally notably coincides with Thursdays announcement that SEC Chairman Gary Gensler will resign in January 2025 following President-elect Trumps victory. Genslers departure is widely seen as a potential turning point in the long-standing SEC vs. Ripple case, which has historically weighed on XRPs price action.
Investors are optimistic that new leadership under Teresa Goody Guillén, a potential replacement for Gensler, could shift the SECs approach. Guillén, who has recently emphasized the need to restore trust, engage with industry, and end regulation by enforcement, has fueled investor optimism. Potentially paving the way for regulatory clarity could be a boon for XRPs price.
At press time, XRP was trading at $1.55, reflecting an 10.25% surge over the past 24 hours.
Text source: ZyCrypto
