Raoul Pal, chief executive officer at Global Macro Investor, claims that XRP is currently in the process of “full porting.”
The chart shared by the prominent market forecaster shows XRP forming several long-term consolidation patterns with falling wedges and descending triangles.
Following each extended consolidation, XRP would break above to the upside.
According to Paul, the current setup actually looks similar to the two previous cycles. Hence, there is a strong reason to believe that another breakout could take place in the near future.
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Right now, XRP appears to be approaching another breakout move after weeks of rather anemic price action.
The previous breakouts recorded by the Ripple-linked cryptocurrency typically resulted in parabolic moves (for example, it surged from $0.20 to $2 in 2021).
Elusive $3 level
At press time, XRP continues to struggle to reclaim the $3 level, currently changing hands at $2.91.
The cryptocurrency is in the red amid a broader cryptocurrency market downturn.