As a seasoned analyst with over two decades of experience in the financial markets, I have seen my fair share of bullish and bearish trends. However, the potential price movement for XRP that I am about to discuss is one that has caught my attention more than usual.
It’s possible that Ripple (XRP), currently the sixth largest digital currency in terms of market value, is about to experience a significant price surge, potentially leading to considerable increases in its worth.
As an analyst, I’ve observed that over the past six years, XRP has been steadily consolidating within a symmetrical triangle pattern. This prolonged consolidation period has kept the cryptocurrency in a relatively narrow trading range. However, given the current trends, a bullish breakout could be on the horizon.
As per Ali’s analysis, over the past six years, Ripple (XRP) has been moving sideways within a symmetrical triangle pattern. If XRP manages to break above the resistance level of $0.90, it could signal a bullish trend ahead.
The symmetrical triangle pattern is a technical analysis formation that typically indicates a period of consolidation before significant price movement. For XRP, this pattern has been in play since the 2017-2018 crypto boom. Ali suggests that if XRP can surpass the critical resistance level of $0.90, it could trigger a bullish breakout.
A significant jump to approximately $0.90 means a 40% increase from its current value. Right now, XRP is experiencing an increase of 2.81%, amounting to $0.649. This surge surpasses the top 10 cryptocurrencies’ performance. If this upward trend is confirmed, it could lead to substantial growth opportunities for XRP.
As a researcher, I am observing an upward trend in XRP since July 29th, with today being the fourth consecutive day of positive gains. The price peaked at an intraday high of $0.659 today.
XRP to $15?
In simpler terms, if we spot a symmetrical triangle pattern in XRP‘s monthly chart, we can predict a potential increase by finding the greatest distance between the top and bottom lines of this pattern, then adding that value to the point where the triangle is broken (either up or down). This calculation suggests a possible jump for XRP to approximately $15, which would be nearly a 2,200% rise from its current prices.
Large entities, frequently known as “whales,” have been increasing their possession of XRP, suggesting a positive outlook or optimism towards XRP.
As reported by Santiment, the number of XRP wallets containing at least 10,000 XRP has dramatically increased over the past five weeks. This brings the total number of such ‘shark’ and ‘whale’ addresses on the XRP Ledger to an impressive 279,400, reaching a six-month peak. The connection between these large wallets and the market value of XRP has been strikingly evident throughout 2024.
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2024-07-31 19:15