Raoul Pal: "XRP Enters a Long-Term Pattern Transition Phase…Potential for Further Upside"
Summary
- Raoul Pal, CEO of Global Macro Investor, assessed that XRP has entered a long-term pattern transition stage.
- He mentioned that, given past instances where long-term correction periods like descending wedges and triangles were followed by upward breakouts, a similar flow could occur this time.
- However, XRP is still struggling to recover to 3 dollars, and was reported trading at 2.86 dollars.
Analysis has emerged that XRP's likelihood of a new breakout is increasing within a long-standing trading range.
On the 29th (local time), crypto-focused media U.Today reported that Raoul Pal, chief executive officer (CEO) of Global Macro Investor (GMI), evaluated that X (formerly Twitter) "XRP is currently in the long-term pattern 'transition stage' (full porting)."
According to the chart shared by CEO Pal, XRP has gone through several long-term correction periods such as a descending wedge or descending triangle, which were generally followed by upward breakouts. He explained that it is highly likely a pattern similar to the past will repeat this time as well.
He said, "This pattern is also similar to past cycles," and, "The possibility of another breakout has increased."
The outlet reported, "However, XRP is still struggling to recover to 3 dollars. As of that day, it was trading at 2.86 dollars."
Minseung Kang
minriver@bloomingbit.ioBlockchain journalist | Writer of Trade Now & Altcoin Now, must-read content for investors.
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