Crypto analyst XForceGlobal has shared a detailed technical analysis of Ripple’s XRP, suggesting the potential for new highs. The analyst’s prediction, however, comes with caveats. XForceGlobal’s analysis focuses on a massive triangle pattern that has been forming for over seven years. This long-term accumulation phase could signal a major price movement on the horizon.
$XRPPrimary Macro Analysis#Ripple's #XRP is still working within a potential MASSIVE triangle and hasn't been invalidated yet. We might as well assume that this triangle is the mode of correction because of how long this has accumulated for (7+ years now). The longer the… pic.twitter.com/9Ede30Rov0
— XForceGlobal (@XForceGlobal) July 10, 2024
XRP Price Analysis
XForceGlobal’s analysis centers on a large triangle pattern that has been developing in XRP’s price chart. The analyst notes, “Ripple’s XRP is still working within a potential MASSIVE triangle and hasn’t been invalidated yet.” This pattern’s longevity adds weight to its potential significance in predicting future price movements.
The analyst emphasizes the importance of the pattern’s duration. “We might as well assume that this triangle is the mode of correction because of how long this has accumulated for (7+ years now),” XForceGlobal states. The extended timeframe strengthens the reliability of wave theory analysis in this context.
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Show more +Show less – New XRP All-Time Highs on the Horizon?
XForceGlobal suggests that if XRP maintains its position above a certain level, new all-time highs could be achievable. The analyst explains, “The invalidation is right around the corner, and if it’s able to stay above the subwave C, it’s all fair and game to new ATH’s.” This scenario presents an optimistic outlook for XRP holders.
However, the analyst also presents alternative scenarios. One possibility involves a series of 1-2 wave patterns, which XForceGlobal now considers less likely due to their tendency to fail. Additionally, if certain support levels break, the analyst warns of a potential price drop to less than one cent.
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Medium Timeframe Analysis
Zooming in on shorter timeframes, XForceGlobal notes increased complexity in wave counting. The analyst observes, “The last piece of the leg does look like it’s coming to a conclusion as a 5-wave move going into the potential C wave.” This pattern could align with either the larger triangle or the alternative 1-2 wave scenarios.
Despite the potential for new all-time highs, XForceGlobal’s analysis highlights the uncertainty in the crypto market. The multiple scenarios presented highlight the need for cautious interpretation of technical patterns.
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The post Analyst Predicts Ripple’s XRP Price Will Hit New ATH ‘In All Fairness’ – But There’s a Catch appeared first on CaptainAltcoin.