Steph, a notable trader in the crypto community, has spotted signs on the monthly timeframe on the XRP chart suggesting that the asset is gearing up for a historic run.
The trader disclosed his observation in a recent analysis shared on X, accompanied by XRP’s historical chart. The graph notably depicts that since the last major price spike, the asset’s patterns have been marked by lower highs, forming a nearly seven-year consolidation phase in the shape of a symmetrical triangle.
According to Steph, this formation suggests that XRP has reached a critical decision point, and the next move could be the largest breakout in the asset’s price history. However, he did not provide a specific price target for the potential breakout.
Notably, Steph is one of several market observers who have recently highlighted a bullish outlook for XRP on the monthly chart.
XRP Potential Breakout Target on Monthly
In his analysis, market watcher Heikin Ashi shared a chart predicting that XRP could experience a breakout that leads to an extraordinary 700X price increase, potentially reaching around $305.
Ashi outlines several growth phases for XRP, suggesting that the asset could first rise to $1.20. If momentum continues, XRP might then reach $2, paving the way for further increases to $6 and $20 before ultimately reaching the $305 mark.
Other analysts have also issued comparable bullish sentiments about XRP when observing the asset through other market indicators.
Diminishing Conviction in XRP Prospect
However, market participants are increasingly losing confidence in these bullish observations as the XRP price trajectory underwhelms investors.
One X user expressed frustration with these repeated predictions, responding to Steph’s latest analysis, “How is it that every week for years, people have been saying this and still think it’s gonna happen?”
When Ripple’s court cases with the SEC ended last week, some analysts argued that XRP could leverage the event’s fever to commence the much-awaited uptrend. However, this has yet to occur. While XRP briefly spiked to $0.64 following the event, it now trades at $0.5625.
X user Robert Ferreira responded to Steph’s analysis by pointing out that even with legal clarity and favorable rulings, XRP’s price remains stagnant. He noted that XRP is the most hyped coin in history, yet it remains significantly below its all-time high, stating:
“It’s a big fat, nothing burger. Read the charts any way you want.”
Despite this prevailing pessimistic perspective, enthusiastic XRP supporters remain undeterred about the asset’s prospects.
Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author’s personal opinions and do not reflect The Crypto Basic’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
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