A popular cryptocurrency analyst has recently suggested that the price of the native token of the XRP Ledger, XRP, could soon see an exponential price rise to over $3 after enduring an accumulation period of 2,275 days.
According to the analyst Alex Clay on the microblogging platform X (formerly known as Twitter), the price of XRP is now breaking out of a symmetrical triangle it traded within for over 2,200 days, in a price movement that could take it to the $1.25 to $1.57 level in the medium term, before a run to the $3.1 mark.
The analyst’s bullish prediction represents a price increase of over 420% from XRP’s current $0.59 level, which it reached after surging nearly 22% over the last 30-day period.
#XRP/USDT$XRP is breaking out of the symmetrical triangle (2275 Days we were accumulating inside the one and fighting with SEC)🧐I am bullish🚀Mid-Term Target – 1.2580$Mid-Term Target – 1.5700$Long-Term Target – 3.1000$ pic.twitter.com/n6947GILxC
— Alex Clay (@cryptclay) July 22, 2024
A symmetrical triangle pattern is often used in technical analysis to identify potential breakout points or reversal of the prevailing trend.
A symmetrical triangle pattern is formed by drawing trendlines, one falling and another one rising, along a converging price range. To confirm a valid break and not a false one, traders should look for a surge in volume and at least two consecutive closes beyond the trendline, according to Investopedia.
Symmetrical triangles usually indicate that the price will continue in the same direction as before the triangle formed. Therefore, traders would expect the price to break upward if a symmetrical triangle follows an uptrend.
The analyst’s XRP price prediction comes shortly after another analyst suggested the cryptocurrency’s price is set to explode to up to $36 in the near future as it entered “qualification mode.”
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 before continuing the surge.
Featured image via Pixabay.
