XRP Price Decline in October: Analyst Predicts Major Breakout

XRP Price Decline Signals Buy Opportunity Amid Whale Accumulation

October has seen an almost 15% decrease in XRP’s value, mostly due to the SEC’s ongoing appeal in the Ripple litigation. Some analysts, however, may view XRP’s decline as a buying opportunity rather than a reason for alarm. More precisely, current whale accumulation and historical price trends indicate that the price of XRP may be ready for a significant increase in the upcoming months.

A remarkable similarity between XRP‘s 2017 bull market trajectory and its present price behavior was pointed out by analyst CryptoBull. XRP then formed a symmetrical triangular pattern and stabilized there, but then it broke out and surged 66,240% higher to a record high of $3.31. Based on its monthly chart, as of October 2024, the asset is getting closer to the peak of a similar triangular formation.

Could XRP Surge 4,200% by 2025? Symmetrical Triangle Suggests Bullish Breakout

If XRP follows historical patterns, a breakout might result in significant gains. These formations frequently precede large directional moves. When symmetrical triangles occur, particularly during an upward trend, price gains that correspond to the triangle’s width at its highest point typically signal a bullish breakout.

The apex of the present symmetrical triangle for XRP is approximately $0.52. The pattern’s possible upside objective is close to $23.40, which would indicate a startling increase of more than 4,200% in the upcoming years, should the price break above the upper trendline from this level sometime around June 2025.

XRP Faces 78% Drop to $0.11 if Ripple Loses SEC Litigation

If the SEC is successful in its argument that XRP’s secondary sales to individual investors breached US securities laws, it could be extremely detrimental to the company’s bullish stance in the Ripple litigation. If that is the case, XRP may break below the bottom trendline of its current symmetrical triangle formation, which also happens to coincide with the red wave of its 50-month exponential moving average (50-month EMA) and the 0.236 Fibonacci retracement line. The next price objective, which is 78.25% below the current price levels, is at $0.11, or the 0.0 Fib line, in the event of a breakdown.

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