The price of the native token of the XRP Ledger, XRP, has surged by more than 30% over the past week and according to one cryptocurrency analyst, its price is set to explode to up to $36 in the near future as it entered “qualification mode.”
In a post shared on the microblogging platform X (formerly known as Twitter) with their over 100,000 followers, pseudonymous cryptocurrency analyst Dark Defender said XRP has “entered the qualification mode” after bouncing off of the $0.39 mark to then surpass $0.60 and “entering the previous triangle.”
And So It Began!#XRP entered the qualification mode by bouncing precisely from our last frontier, $0.3917, then surpassing $0.6044 and entering the previous triangle.Above $0.6649, it is Magick towards $18 – $36 (NFA) pic.twitter.com/jLE1udxJyb
— Dark Defender (@DefendDark) July 17, 2024
According to the cryptocurrency analyst if XRP manages to break through the $0.6649 mark decisively, it would enter a breakout that could see its price hit a number of potential targets based on Fibonacci retracement levels at $1.88, $5.86, and even $18.23.
Notably, bullish narratives surrounding XRP have been surging after the cryptocurrency’s recent price move. As CryptoGlobe reported, a popular cryptocurrency analyst going by Milkybull Crypto suggested to his over 70,000 followers on the microblogging platform X (formerly Twitter), that the XRP price rally was “just getting started,” and added he believes it’s going to be a rally similar to the one seen back in 2017.
At the time, the price of the native token of the XRP Ledger surged more than 66,000% from around $0.005 to over $3.3 before its price started dropping.
Similarly, crypto analyst MichaelXBT noted on the same microblogging platform the formation of a rarely seen seven-year bullish pennant pattern for XRP. This extended consolidation period, he argues, suggests the potential for a significant price increase.
Another analyst, The Great Matsby, made an even bolder prediction on the cryptocurrency based on a technical pattern known as the Bollinger Band squeeze.
The analyst pointed out that XRP is currently experiencing one of the tightest monthly Bollinger Band squeezes in its history, which has often preceded significant price movements in the past. Such a move would see XRP trade at $250, and have a $14 trillion market capitalization.
Featured image via Pixabay.
