XRP Poised for Potential Surge Following Symmetrical Triangle Breakout

XRP is currently undergoing a test at the top of a symmetrical triangle on the weekly chart, indicating the possibility of an upward movement in the near future. The number of active addresses on the XRPL has surged to 12,230, indicating a significant increase in blockchain activity over the past six months. Cobra Vanguard, a popular crypto analyst on TradingView, has conducted a detailed technical analysis of XRP, focusing on the weekly time period to provide a mid-term perspective. According to Vanguard, XRP is currently testing the top of a symmetrical triangle on the weekly chart, and if the price breaks higher, a major surge could be imminent. The AB=CD pattern and the symmetrical triangle, along with the ascending chart structure, suggest that there are high-potential breakout zones for XRP. The initial target for the rally, if a breakout occurs, would be $1.30, a level derived from a past high within the pattern. Currently, XRP is trading at around $0.5143, with a slight increase of 0.22% in the last 24 hours. However, despite this small increase, there is still a pessimistic sentiment surrounding the token as its market cap has dropped below the $30 billion mark. BitBoy, a well-known figure in the crypto space, has also highlighted important factors that could drive a potential surge in XRP. He believes that a possible Trump victory in the U.S. elections, the dismissal of SEC Chair Gary Gensler, and the resolution of Ripple’s legal challenges could act as triggers for a positive increase in XRP. BitBoy believes that XRP has been overdue for a bull run, and a 20x price rise is not out of the question given the right conditions. Additionally, recent data from the XRP Ledger shows a significant increase in activity, with the number of active sending addresses reaching a six-month high of 12,230.