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Driven largely by the second appeal in the Ripple litigation by the United States Securities and Exchange Commission (SEC), XRP fell roughly 15% on October. Despite this drop, some analysts think the drop could be a buying chance instead than cause for concern. Recent whale build-up and historical pricing patterns suggest XRP might be primed for a significant rise in the following months.
Analyst CryptoBull notes striking similarity between XRP’s present price behavior and behavior in the 2017 bull market. XRP settled in a symmetric triangle back then; later on it stabilized before erupting to show an incredible 66,240% surge to a new high of $3.31. On its monthly chart as of October 2024, XRP virtually reaches the top of a similar triangle, suggesting a clear directional move.
Usually favorable, breakouts in symmetric triangles are clearly in an upward direction; predicted price gains reflect triangle breadth. Should XRP’s price increase over the upper trendline close to $0.52 around June 2025, the possible upside objective might reach $23.40, a more than 4,200% growth.
Still, there is great reason for worry over the ongoing SEC appeal. Should the SEC find that its secondary sales to regular investors violated U.S. securities laws, XRP’s bullish setup would be highly called into doubt. Under such conditions, XRP can theoretically live below the bottom trendline of its current symmetric triangle, which relates with the 50-month exponential moving average (EMA) and the 0.236 Fibonacci retrachment level.
The information in this article does not provide any investment advice.
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