👉👉👉 Market Technician Sees XRP Hitting $1.68 if This Happens
Jonathan Carter, a market analyst, predicts a potential rally for XRP to $1.68 in the medium term, contingent upon a breakout from a multi-year symmetrical triangle pattern.
XRP has been in a downtrend since its decline from the peak of $1.96 during the April 2021 cycle. This downward trajectory has formed a symmetrical triangle with strong resistance along the upper descending trendline.
XRP's Position within a Symmetrical Triangle
- Carter anticipates an eventual end to this downward trend, foreseeing a breakout. He highlights a significant drop last month, leading to a retest of the lower trendline of the three-year symmetrical triangle. This decline pushed XRP to $0.4188 on April 13, marking a low last seen in May 2023.
- However, this sharp decline led to a retest of the support level at the lower trendline of the triangle, signaling a potential upward movement in XRP's price. Carter expects this upswing to breach the upper trendline of the triangle, potentially leading to significant gains.
A Conservative Mid-Term Target of $1.68
- In this scenario, Carter predicts a surge towards $0.93 initially, representing XRP's highest value in two years. XRP previously reached $0.93 last July when it was declared a non-security in the #ripple vs. #SEC lawsuit. However, it faced substantial resistance at this level and retraced its gains.
- Carter believes XRP is likely to surpass the significant resistance at $0.93 this time. Consequently, he sets a higher mid-term target of $1.68 following this breakthrough. Currently trading at $0.5362, XRP would need to rally by 213% to achieve the $1.68 target.
- XRP's low MVRV Ratio, at -0.5733%, signals potential undervaluation, boosting optimism for its future performance.
- The XRP Commodity Channel Index (CCI) on the 1-hour chart also suggests XRP is undervalued. With a current value of -99.58, the CCI prompts ambitious price projections such as $20.
Source - thecryptobasic.com
