XRP, End of 7-Year Long Sideways Trend...Preparing to Reenact 2017 Surge

▲ XRP

XRP has ended its 7-year long sideways trend, breaking above a historical symmetrical triangle pattern, signaling an unprecedented massive surge rally towards $12.

Crypto media outlet 24/7 Wall St. reported on May 12 (local time) that XRP's price chart has formed a technical structure similar to that observed just before its record-breaking surge in 2017. Analysts diagnose that XRP has reached the apex of a multi-year giant triangle pattern, indicating condensed energy. Currently trading around the $1.4 level, XRP is ready for a strong bullish rally that could surpass past returns if it breaks through key resistance levels.

According to technical analysis, XRP's primary target price is set between $6.4 and $12. The analysis suggests that an unprecedented price increase is possible if the buying pressure, suppressed for seven years, erupts all at once. Key support levels are firmly held around $1.1 and $1.3. Increased trading volume and an upward-curving Relative Strength Index (RSI) support the influx of buying interest.

The legal dispute between Ripple and the U.S. Securities and Exchange Commission is nearing its conclusion, and the resulting regulatory clarity is driving price appreciation. The XRP Ledger is gaining attention as a payment method to replace SWIFT, leading to increasing adoption by financial institutions. As global financial companies actively adopt XRP for cross-border payment solutions, real demand is surging. This is a key factor proving its value beyond a speculative asset.

On-chain data confirms large-scale accumulation by whale investors. Addresses holding more than 100 million XRP have significantly increased their holdings over the past month. As market liquidity rotates into altcoins, XRP is expected to be one of the biggest beneficiaries. The decrease in exchange balances further heightens the possibility of a price surge due to future supply shortages.

With the weakening dominance of Bitcoin and the dawn of altcoin season, XRP is poised to write new history. Investors are watching for a decisive break above the $1.43 resistance zone, exploring the market's direction. XRP's full-fledged leap after confirming a technical bottom is acting as a crucial variable that could change the landscape of the entire virtual asset market.

*Disclaimer: This article is for investment reference only, and we are not responsible for any investment losses based on it. The content should be interpreted for informational purposes only.*