In the dynamic landscape of the cryptocurrency market, Ripple, currently holding the fifth position among digital assets, has recently demonstrated a modest uptick in its price compared to its major counterparts.
While XRP has reported significant gains across various time frames, it is noteworthy that the token is currently trading below its yearly high. This stands in contrast to its peers, which have reached and surpassed new highs in 2023 during the recent bullish surge.
Anticipated XRP Price Breakout?
A prominent industry expert, known as “Crypto Insight” on the X platform (formerly Twitter), shared a compelling update with his extensive following of over 20,000, hinting at a forthcoming Ripple surge.
Crypto Insight notes that XRP historically tends to trail behind the price movements of Bitcoin (BTC), the leading cryptocurrency. However, there are signs that Ripple breakouts gradually align with BTC movements.
Examining historical data, Crypto Insight points out that the duration for significant XRP breakouts has been decreasing over time. The initial major breakout took around 22 days, whereas the most recent upswing occurred in a shorter span of 13 days. If this trend of narrowing the gap between Ripple and BTC persists, it suggests a potential breakout around November 15th.
Moreover, XRP has undergone a consolidation phase in the 4-hour time frame, indicating the possibility of a further downward correction before a reversal to the upside materializes.
Crypto analyst Egrag Crypto has recently revealed a noteworthy forecast for Ripple, focusing on the Multi-Year Ascending Triangle (MYAT) pattern, which holds significant implications for XRP’s price trajectory.
As per Egrag’s analysis, the MYAT pattern suggests that XRP experienced a breakout above the Symmetrical Triangle after reaching the 70% completion mark, aligning with the July timeline on the chart.