đđđ $XRP 5,000% Surge Imminent as Analyst Says This Chart Could Rekindle the Spark
A market analyst recently shared an intriguing analysis of XRP on X, highlighting a bullish pattern that has been forming over the past few years despite ongoing market uncertainty.
XRP to $32?
The analysis centers around a large symmetricaltriangle pattern that has emerged on multiple timeframes since early 2021, following XRPâs decline from its $1.96 peak. Since then, XRP has been experiencing a series of lower highs and higher lows, tightening into a narrower range.
As the apex of this triangle approaches, the potential for a significant price movement grows. The anticipated breakout could be explosive, given the prolonged consolidation period. The analystâs chart suggests that XRP could soar to $32, representing an astonishing 5,261% increase from its current price.
Key resistance levels must be overcome to reach this ambitious target, with the most immediate hurdle around $3.5âthe all-time high from January 2018.
XRP Trades Above 50-Day EMA
At the moment, XRP is trading around $0.5970. Recently, XRP successfully retested its 50-day Exponential Moving Average (EMA) at $0.5563, a critical level that it has managed to hold above. This suggests that bullish momentum could be building, potentially leading XRP to test higher resistance levels in the near term.
Trading above the 50-day EMA generally indicates mid-term bullish momentum, which might push XRP to test the nearest resistance at $0.6597. If XRP breaks this level, the next targets would be $0.7248 (R2) and $0.8300 (R3), offering short-term opportunities for traders.
On the downside, the first support level is at $0.4492, followed by $0.3842 (S2) and $0.2789 (S3). These levels could provide a safety net if XRP faces selling pressure, offering potential rebound points for the price.
Source - thecryptobasic.com
