This Triangle Pattern Triggered In 2021 Suggests XRP Price Will Surge 5,000% To $32
2024年8月23日 - 3:00PM
NEWSBTC
The XRP price is trading around the psychological barrier of $0.60
after breaking through earlier in the week. Notably, XRP has
exhibited interesting price action amidst wider market uncertainty,
although many cryptocurrencies are starting to turn positive. While
some market participants are still bearish on XRP, others are
looking out for a very bullish trajectory. A crypto analyst has
revealed an XRP technical analysis that many bullish proponents can
resonate with. According to the analyst, XRP is set to surge to $32
in the coming months. XRP Price Surge Of Epic Proportions
Despite the broader volatility, many cryptocurrencies have begun to
show signs of recovery, with XRP also a focal point of interest.
The XRP analysis in question was posted through the social media
platform X by Tylie Eric. This analysis was accompanied by an XRP /
U.S. Dollar price chart on the 1D candlestick timeframe. As such,
the price chart shows XRP’s price action as far back as late 2020.
Central to the analysis is the depiction of a symmetrical triangle
pattern, which has been gradually forming since early 2021, when
XRP reached a peak trading value of $1.96. Related Reading:
Historical Data Suggests Bitcoin Could Rise 1,000%, Here’s Why Over
the years, XRP has displayed a series of lower highs and higher
lows, which have progressively tightened into a narrower trading
range. This pattern is often regarded by technical analysts as a
sign of a potential breakout, where the price could move
significantly in either direction once there is a breakout. #XRP
WELCOME TO MONDAY. I’m a visual individual. Let this chart rekindle
the spark. pic.twitter.com/xZXe4cpou1 — Tylie E (@TylieEric) August
19, 2024 Recent price action now puts the XRP price trading at the
upper trendline of the triangular pattern. A breakout to the upside
would cement a bullish rally for the cryptocurrency. According to
the price target noted by Tyler, this breakout could see XRP
initially surging to its current all-time high of $3.5 before
facing resistance. However, the sheer nature of the bullish
breakout would see XRP quickly clearing this resistance and going
as high as $32. His timeline for this happening is between now and
the end of the year. This projection, if realized, would represent
a substantial 5,230% increase from the current price of XRP. What’s
Next For XRP? Market sentiment around XRP is currently mixed. Tylie
Eric’s forecast is particularly bold, predicting that the XRP price
could climb as high as $32 by the end of the year. While surges of
such proportions are not new to the crypto XRP, the chances of such
an XRP surge happening are very slim at the moment. However, XRP
has seen several other bullish predictions of a similar nature in
recent weeks, particularly in the wake of the conclusion of the
Ripple-SEC lawsuit. Related Reading: Glassnode Report Reveals Why
The Bitcoin Price Dropped Below $50,000 On the other hand, a
segment of the market remains bearish on XRP. One analyst recently
even went so far as calling XRP the “biggest scam in crypto.” At
the time of writing, XRP is trading at $0.6008 and is only on a
1.29% gain in a 30-day timeframe. Featured image created with
Dall.E, chart from Tradingview.com
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