A popular cryptocurrency analyst has recently suggested that the price of the native token of the XRP Ledger, XRP, could soon surge by over 480% to trade at the $3.8 mark, which would see the token return to its all-time high seen in 2018.
According to a post the analyst JD posted on the microblogging platform X (formerly known as Twitter), the price of XRP has been through a correction after a fake filing for an iShares spot XRP ETF was filed, but that correction failed to get XRP out of its current range.
The price of XRP has broken out of a triangle pattern while making higher highs and higher lowest within it, which suggests it could keep on rising. A symmetrical triangle pattern s often used in technical analysis to identify potential breakout points or reversal of the prevailing trend.
A symmetrical triangle pattern is formed by drawing trendlines, one falling and another one rising, along a converging price range. To confirm a valid break and not a false one, traders should look for a surge in volume and at least two consecutive closes beyond the trendline, according to Investopedia.
Symmetrical triangles usually indicate that the price will continue in the same direction as before the triangle formed. Therefore, traders would expect the price to break upward if a symmetrical triangle follows an uptrend.
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As CryptoGlobe reported, the price of XRP has surged over the last six months after a major player in its space Ripple secured a number of victories in its legal battle against the U.S. Securities and Exchange Commission (SEC).
According to cryptocurrency trader Tony “The Bull,” the cryptocurrency could seen a “God candle” in the near future, as the last time it formed a specific candlestick pattern, its price went up 900% in a single candle.
Per the analyst, XRP formed the same candlestick setup in late 2017 before that huge surge, which would see its price rally a total of 1,600%. From its current $0.638 level, such a rally would see the token surge to around $11.
According to historical data, the price of XRP has generally not been profitable in the month of November over the past five years. The only exception was in 2020 when XRP experienced a substantial gain of 178.3%.
Featured image via Unsplash.
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- Source: https://www.cryptoglobe.com/latest/2023/11/xrp-analyst-predicts-480-price-surge-to-3-8-as-token-breaks-out-of-triangle-pattern/
