The price of XRP's native token, Ledger XRP, has continued to rise sharply in recent years: after soaring to nearly US$2 in April 2021, XRP suffered a downturn that made investors question its chances of recovery, and now trades at US$0.52, while BTC is worth US$62,000. value. However, a recent analysis by market analyst Jonathan Carter suggests that XRP could be on the cusp of a significant rebound.
The #cryptocurrency strategist shared his analysis on microblogging platform X (formerly known as Twitter), pointing to a symmetrical triangle on the cryptocurrency's weekly chart.
The price of #XRP has been trapped inside this triangle for the past few years, reflecting a potential conflict between buyers and sellers. According to Carter, a successful breakout would lead to a significant increase in the XRP price.
The recent price drop in April, reflecting a broader market correction, caused XRP to retest the lower boundary of the symmetrical triangle. In technical analysis, such retests are often seen as potential precursors to a breakout, with price breaking above one of the trendlines and the rest being interpreted as potential breakout signals.
In the event of a breakout from the symmetrical triangle, Mr. Carter predicts an initial spike to $0.93, a level that XRP briefly touched in July 2023 following positive developments in its ongoing legal battle with the U. S. Securities and Exchange Commission (SEC).
However, Carter believes XRP will overcome this resistance level and reach a more ambitious medium-term target of USD 1.68, which represents a staggering upside potential of 200% or more from current price levels.
Despite the bullish analysis, the cryptocurrency market is inherently volatile and unforeseen events can have a significant impact on price dynamics. In addition, the future of tokens is still clouded by a protracted legal battle with the U. S. Securities and Exchange Commission, which centers on the classification of XRP as a security.
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