A popular cryptocurrency analyst has recently suggested that the native token of the XRP Ledger, $XRP, is currently testing a multi-year trendline in an occurrence that, according to historical data, could see its price surge between 39x and 650x within a year.
In a new update shares with his nearly 35,000 followers on the microblogging platform X (formerly known as Twitter), popular cryptocurrency analyst Jaydee said that the last two times XRP tested its 10-year trendline.
The price of the cryptocurrency has fallen by more than 11% over the past month, and over 19% over the last six months as it struggles to recover.
The analyst’s post comes at a time in which other analysts have also been making bullish XRP price predictions, with one recently saying investors should see XRP price dips as “buying opportunities,” provided the cryptocurrency keeps trading within a specific symmetrical triangle pattern, based on their projection of the cryptocurrency will surge to $22.
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The symmetrical triangle pattern was formed back in 2017, and the price of the cryptocurrency has seen a series of higher and lower prices, with a potential bull run being suggested if XRP breaks the pattern with an upward movement.
Notably, large XRP token holders have been accumulating the native token of the XRP Ledger to the point they now control 67.2% of the cryptocurrency’s circulating supply, the largest amount since December 31, 2022.
Another analyst has recently pointed out that XRP is “breaking down on this 3-year consolidation pattern,” in a price drop that occurred shortly after Ripple Chairman Chris Larsen confirmed that over $120 million worth of the cryptocurrency were taken from “a few” of his personal XRP accounts.
Notably, the XRP Ledger has also recently approved the launch of a built-in automated market maker (AMM) trading platform into the ledger, allowing $XRP token holders to earn income on-chain.
Featured image via Pexels.
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- Source: https://www.cryptoglobe.com/latest/2024/02/xrp-price-could-surge-over-39x-as-it-tests-10-year-trendline-analyst-says/
