XRP Shows Signs of a Substantial Breakout After Seven Years of Consolidation, $100 Target Within Reach

XRP, Ripple’s digital asset, is showing signs of a substantial breakout after seven years of consolidation, according to crypto analyst and investor Armando Pantoja.

Crypto analyst and investor Armando Pantoja has observed a substantial breakout indication for XRP, Ripple's digital asset, following seven years of consolidation. Pantoja's chart analysis reveals XRP's prolonged consolidation within a symmetrical triangle pattern.

This pattern, typically seen before a significant price change, has depicted XRP trading within a range for several years. Such patterns often indicate a possible breakout, and past data suggests that an upward breakout could propel XRP to significant levels.

$XRP is currently breaking 7-year consolidation. $100 is definitely in range.

Despite prolonged low volatility and hovering around the 200-day EMA, Firing Gary Gensler will be the catalyst for a bullish reversal.

? #XRP #Crypto #BullRun2024 pic.twitter.com/qci2ZlZc6f

— Armando Pantoja (@_TallGuyTycoon) November 2, 2024

A similar pattern in 2018 contributed to XRP's journey toward its all-time high of $3.84. Another factor that Pantoja highlights in favor of XRP is its low volatility and close proximity to the 200-day Exponential Moving Average. These indicators collectively suggest a market poised for a substantial move, bolstering hopes for XRP's upward trajectory.

Is $100 on the Horizon for XRP?

While $100 may seem like an ambitious price target for XRP, Pantoja notes that such a goal is not within the immediate time frame but rather in the coming years. He anticipates XRP to rise substantially in the current bull market; however, reaching $100 might span across multiple bull cycles due to changing market conditions.

This price target aligns with the aspirations of XRP's passionate supporters, known as the "XRP Army," who share a collective goal of $100. This target is further supported by technical indicators, including XRP's seamless movement around the 200-day EMA.

XRP's price outlook is also influenced by broader market sentiment and regulatory developments. As Ripple continues to navigate its legal battle with the U.S. Securities and Exchange Commission (SEC), there have been speculations regarding potential shifts in SEC leadership.

Ripple's Largest XRP Allocation in 7 Years

This news follows Ripple's recent allocation of 470 million XRP tokens for potential sale on November 1, 2024. The move marks Ripple's largest monthly allocation since implementing its escrow system in 2017, a measure designed to enhance market stability and transparency. As per Ripple's standard protocol, about 1 billion XRP is released from escrow each month, with roughly 800 million returning to the escrow. However, this month's allocation differs as Ripple earmarked an additional 270 million tokens for potential distribution.

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