- XRP remains in a 400-day rectangular reaccumulation phase since 2022.
- Analyst says breakout to $23 is possible if support holds.
- Current chart pattern signals potential for strongest rally in years.
XRP continues to trade inside a 400-day rectangular range that some analysts believe may lead to a major breakout. According to ChartNerdTA, a well-followed technical analyst on social media, this long phase of price consolidation may soon result in one of XRP’s strongest rallies in over seven years.
The current range is described as a reaccumulation zone, with price moving between defined support and resistance levels since early 2022. ChartNerd suggests that if the lower boundary of this rectangle is defended, XRP could enter what he calls an “expansion journey” toward higher price levels.
Analyst Predicts $23 Target Based on Long-Term Fractal Pattern
However, ChartNerdTA stated that the 400-day flag or trading range is still valid, despite ongoing market fluctuations. He added that this fractal structure may be signaling a macro breakout toward $23. The pattern appears consistent with earlier technical setups seen during strong market expansions.
“The 400-day long rectangular reaccumulation phase might just lead up to the most aggressive rally XRP has seen in over 7/8 years,” the analyst explained. He also emphasized that defending the current support area is crucial for this projected expansion to take place.
Long Trading Range Seen as Base for Price Expansion
The rectangular pattern has been forming for over a year and reflects low volatility in XRP’s price. These phases often act as a preparation stage before larger moves in either direction. Analysts often use such patterns to assess long-term market structure.
XRP is still trading within the support and resistance levels outlined by ChartNerd’s analysis. Meanwhile, monitoring the range closely will show whether the price can hold and push toward the forecasted levels.
Disclaimer: This article is for informational purposes only and does not constitute financial advice. CoinCryptoNewz is not responsible for any losses incurred. Readers should do their own research before making financial decisions.
