Ripple’s XRP has been a focal point of interest within the cryptocurrency community, particularly due to its long-term price pattern, which analysts believe might signal a substantial bullish breakout. The ongoing accumulation within a large triangle pattern has intrigued many, suggesting that XRP could be on the cusp of a significant price surge.

The Long-Term Triangle Pattern

The triangle pattern in XRP’s chart has been developing for over seven years. This extensive formation aligns with wave theory, indicating a potential corrective phase that could precede a substantial upward movement. Analysts have been particularly focused on the subwave C within this triangle, viewing it as a critical pivot point for future price trajectories.

Key Levels to Watch

For XRP to confirm a bullish surge, it must reclaim the $0.75 threshold. This level is seen as crucial for igniting a potential rally towards new all-time highs. Failure to maintain this position, however, could result in a series of 1-2 wave formations, which are considered less favorable due to their tendency to prolong corrections and potentially lead to significant price declines.

Should the intermediate wave 2 in orange break the invalidation level, there could be a transition to the primary wave 2 of a higher degree, which would extend the correction period. This scenario is particularly concerning, as it might drive XRP’s price below one cent, a highly unfavorable outcome for investors.

Recent Market Performance

Despite the inherent risks, XRP has recently shown positive momentum. As of the latest data, XRP is priced at $0.4524, with a 24-hour trading volume of $1,028,944,454. Analyst EGRAG has provided a detailed outlook on XRP’s potential, initially setting a target of $15 and later revising it to $17.

EGRAG’s analysis highlights the importance of reclaiming the $0.4 region, which XRP managed to achieve after dipping below this level on July 5th. In the past 24 hours, XRP nearly dropped to $0.39 but recovered to trade at $0.44, posting a 2% gain.

The Path to $17

EGRAG emphasizes that a close above $0.75 is essential for confirming the initial phase of a bullish surge. Achieving this milestone would mark the beginning of a potential rally towards a new all-time high. For XRP to reach the anticipated $17 target, it must embark on a formidable 70% bullish rally from its current position.

Market Activity and Trends

According to data from Santiment, over the past six months, there has been a notable correlation between XRP’s price fluctuations and transaction volume. Despite some variability, the number of active addresses has generally declined, paralleling a gradual decrease in XRP’s price. This trend suggests a potential reduction in network activity and user engagement, which could impact XRP’s long-term performance.

However, the recent recovery above key levels indicates that there is still significant interest and potential for growth. Analysts and investors are closely watching the market dynamics, with many speculating that a significant breakout could be on the horizon.

Conclusion

XRP’s long-term triangle pattern and recent market movements have positioned it as a cryptocurrency to watch. While risks remain, particularly if XRP fails to maintain critical support levels, the potential for a bullish surge to new all-time highs is capturing the attention of analysts and investors alike. With a target of $17 on the horizon, XRP’s journey will be closely monitored, and any significant developments could have substantial implications for the broader crypto market.