XRP (XRP) is down nearly 15% so far in October, with losses primarily due to the U.S. Securities and Exchange Commission (SEC) resuming its appeal of the Ripple lawsuit.
However, for some analysts, XRP’s decline may be a buying opportunity rather than a cause for concern. More specifically, historical price patterns and recent whale accumulation suggest that the XRP price could stage a massive rally in the coming months.
XRP Price Eyes Breaking Out Symmetrical Triangle
Analyst CryptoBull highlighted striking similarities between XRP’s current price action and its 2017 bull market trajectory.
Source: X
At that time, XRP consolidated within a symmetrical triangle pattern, rising 66,240% to an all-time high of $3.31. As of October 2024, the asset is nearing the peak of a similar triangle structure, as seen on the monthly chart.
These formations often precede strong directional movements, and if XRP follows historical precedent, a breakout could lead to significant gains.
In the case of symmetrical triangles, especially within an uptrend, breakouts tend to be bullish, with the price rise coinciding with the height at the widest point of the triangle.
For XRP, the peak of the symmetrical triangle is currently around $0.52. If the price breaks above the upper trendline at this level around June 2025, the pattern’s potential upside target is near $23.40, representing a massive increase of over 4,200% over the next few years.
XRP Price Headwinds and Technology
The SEC’s appeal of the Ripple lawsuit could create a significant headwind to XRP’s bullish setup. This is especially true if the agency successfully argues that secondary sales of XRP to retail investors violated U.S. securities laws.
source: Fred Rispoli
In this case, XRP could potentially fall below the lower trendline of the typical symmetrical triangle pattern, a level that coincides with the 50-month exponential moving average (50-month EMA, red wave) and the 0.236 Fibonacci retracement line.
XRP/USD monthly price chart. Source: TradingView
In case of a breakdown, the next price target would be $0.11, around the 0.0 Fib line, down 78.25% from the current price level.
This article does not contain investment advice or recommendations. All investment and trading activities involve risk and readers should conduct their own research when making any decisions.