- XRP Captain predicts a breakout in 6-7 weeks, citing a mega triangle pattern over 2,312 days with a $24 target.
- AltFINS analysis emphasizes a cautious perspective due to XRP’s current downtrend, trading in a Channel Down pattern.
- XRP must reclaim $0.60 and surpass $0.68 resistance for a bullish trend, while a break above $1 is crucial for the $24 forecast.
XRP Captain, a prominent crypto trader, predicts a potential breakout for XRP in the next six to seven weeks. He bases this ambitious outlook on a mega triangle pattern that has been forming over an extensive 2,312-day timeframe, pointing towards a substantial breakout with an upside target set at $24.
#XRPHolders 🚨🚨 #XRP 2312 Days Of Consolidation In Mega Triangle Pattern.
BREAKOUT In 6/7 Weeks 💥🚀
BREAKOUT Target 24$ 💥🚀
Final Chance To Buy The Dip 💥🚀 pic.twitter.com/SmUUyodK4v
— XRP CAPTAIN (@UniverseTwenty) January 23, 2024
However, the optimism is met with a dose of caution from altFINS analysis. The current technical posture of XRP raises concerns as the digital asset finds itself in a downtrend, trapped within a Channel Down pattern. The breach below the crucial 200-day moving average signals a negative trend, prompting traders to await a breakout from the Channel Down pattern for any signs of a bullish trend reversal.
Presently, XRP remains below its 200-day moving average, indicating ongoing pressure and downside risks within the developing channel. To counter the bearish outlook, XRP must reclaim its 200-day MA at $0.60 to suggest a potential waning of seller momentum. Failing this, the path of least resistance favors a possible test of channel support around $0.45.
In the quest for a bullish trend, XRP faces key resistance levels. Surpassing the $0.68 mark would signify the initial steps toward a positive trend change. Yet, for XRP Captain’s bold $24 breakout prediction to materialize, a decisive break above the $1 level is deemed crucial, particularly with improving momentum gauges.
