XRP: What’s Next for the Price After This Week’s Decline?

XRP is currently trading at $0.53 and has dropped nearly 15% in October, largely due to a renewed appeal by the U.S. Securities and Exchange Commission (SEC) in the ongoing lawsuit against Ripple.

Despite the recent decline, some analysts view XRP’s decline as a potential buying opportunity rather than a cause for concern. Interestingly, historical price patterns and recent accumulation by whales suggest that XRP could be on the verge of a significant rally in the coming months.

Analyst CryptoBull pointed out the similarity between XRP’s current price movements and its trajectory during the 2017 bull market.

#XRP is following the exact same pattern as it did before the 80,000% gains in 2017. Ignore the news and follow the charts 🚀 pic.twitter.com/YPkIG8AAK0

— CryptoBull (@CryptoBull2020) October 3, 2024

During this period , XRP traded within a symmetrical triangle before breaking down and jumping a staggering 66,240%, eventually peaking at $3.31. As of October 2024, XRP is approaching the top of a similar triangle formation, as shown on its monthly chart.

These formations usually precede major price moves and if XRP follows its historical pattern, a breakout could lead to significant gains.

In symmetrical triangles, especially during an uptrend, breakouts are usually bullish, with potential price gains reflecting the height of the triangle at its widest point.

For XRP, the top of the current triangle is located around $0.52. If price breaks above the upper trendline from this level sometime around June 2025, the potential upside target for the pattern could reach approximately $23.40, which would represent an extraordinary increase of over 4,200% in the coming years.

However, the SEC’s appeal of Ripple’s case could pose a significant obstacle to XRP’s bullish prospects, especially if the Commission successfully proves that secondary sales of XRP to retail investors violated U.S. securities laws.