TECHNICAL EXPERT SAYS XRP'S DISADVANTAGE IS EXTREMELY LIMITED

While XRP bulls are yet to jump on the trend, Cryptoes suggested that now is an opportune time to buy XRP. According to the analyst, the downside risk of investing in XRP is significantly minimal. Notably, at the time of this publication, XRP is trading at $0.53.

The technical analyst based his outlook on XRP's resistance around the $0.5 price channel, which is now considered "rock-solid support."

Notably, XRP has barely broken the $0.5 mark in the last 30 days. The asset has mostly fluctuated within this range, with the only exception being a brief drop to $0.48 on May 1.

Considering that XRP has held up well for an extended period, the analyst believes that the odds are currently in favor of investors.

The pattern that XRP has formed during this period is identified as a symmetrical triangle, which well-known market observers interpret as a bullish signal. These analysts have suggested several targets that XRP investors can anticipate in the event of a breakout of the downtrend pattern.

For example, analyst Javon Marks predicts an increase of up to 37,635% in XRP to $200.  The bold $200 target is inspired by XRP's 75,000% rally after the 2014 consolidation.

Furthermore, beyond the technical aspects of XRP, the anticipation of an XRP rally is reinforced by the current bullish market trend. Every major altcoin is expected to experience its own rally, setting new all-time highs.

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