XRP Price Drops 15%: Is Ripple’s Legal Setback the Bottom?

Bullish Potential Based on Historical Patterns 

Analysts like CryptoBull see the current price behavior of XRP mirroring the 2017 bull market. In 2017, the XRP formed a symmetrical triangle pattern before going into a skyrocket of more than 66,000%. It reached its all-time high of $3.31 by December that year. 

As in the case of XRP, it is forming a similar triangle pattern apex on the monthly chart. Technically speaking, historically, symmetrical triangles formed during an uptrend lead to a breakout that has also been bullish in nature. If XRP follows this, there could be notable upsides of price over a couple of years. A breakout above $0.52 by June 2025 could take the price up to $23.40 at a potential increase of 4,200%. 

What is a Symmetrical Triangle? 

A symmetrical triangle is a chart pattern that forms when the price of an asset has consolidated between two converging trendlines. The price often breaks out when it reaches the apex, the point at which the two lines meet. 

Here’s a simple breakdown: 

Risks: Legal Uncertainty and Technical Challenges 

Despite the bullish outlook, XRP faces risks from the ongoing legal battle with the SEC. If the SEC wins its appeal, XRP could be classified as a security in secondary markets. This outcome would create regulatory issues and could negatively affect the token’s price. 

From a technical perspective, XRP must also defend key support levels. The lower trendline of the current symmetrical triangle sits close to the 50-month exponential moving average (EMA). If XRP falls below this line, the next price target could be as low as $0.11, a drop of 78%. 

Possible Outcomes 

• Bullish Scenario: A breakout above $0.52 by June 2025 could lead to gains of over 4,200%, pushing XRP to $23.40. 

• Bearish Scenario: A breakdown below key support levels could send XRP toward $0.11, a 78% decline. 

In summary, while XRP’s price has seen a significant decline, it could be setting up for a strong rally based on historical patterns. However, the legal battle with the SEC remains a major risk.