XRP has experienced a significant decline, falling nearly 15% in October 2024. The downturn has largely been driven by the United States Securities and Exchange Commission’s (SEC) renewed appeal in the ongoing Ripple lawsuit. Despite the setback, some analysts suggest that XRP’s recent drop may present a buying opportunity rather than a cause for concern.
Potential Bull Run: XRP’s Symmetrical Triangle Breakout
According to market analyst CryptoBull, XRP’s current price action mirrors its 2017 bull market pattern. Back in 2017, XRP consolidated within a symmetrical triangle pattern before breaking out, leading to an astronomical 66,240% surge to an all-time high of $3.31. As of October 2024, XRP’s price behavior once again forms a symmetrical triangle, potentially indicating a breakout in the months ahead.
Should XRP break above the upper trendline of this triangle—around $0.52—the asset could see a massive rally. If historical patterns repeat, analysts predict an upside target near $23.40 by mid-2025, reflecting over a 4,200% increase from current levels.
Headwinds and Technical Challenges for XRP
While historical patterns indicate potential gains, the ongoing legal battle between Ripple and the SEC continues to cast a shadow. The SEC’s appeal could hinder XRP’s bullish momentum, particularly if the agency successfully argues that XRP’s secondary sales violated U.S. securities laws. A legal victory for the SEC might cause XRP to drop below the lower trendline of the symmetrical triangle.
Should this breakdown occur, analysts foresee the next key support level at $0.11, representing a 78% drop from current prices. This potential downside highlights the risks associated with XRP’s legal situation, even as some see strong long-term growth prospects.
