The price of XRP, the native token of XRP Ledger, has risen more than 30% in the past week, and according to one cryptocurrency analyst, its price should soon soar to $36 as it enters "qualification mode.
In a post published on microblogging platform X (formerly Twitter) that has garnered over 100,000 followers, pseudonymous #cryptocurrency analyst Dirk Defender said that after rebounding from $0.39, #XRP broke through $0.60, "entered the previous triangle" and "went into qualification mode, he said.
And it went like this! #XRP entered qualification mode after bouncing exactly off our last milestone at $0.3917, breaking $0.6044 and entering the previous triangle.
The cryptocurrency analysts believe that if XRP manages to decisively break above $0.6649, its price could reach a number of potential targets based on Fibonacci retracement levels such as $1.88, $5.86 and even $18.23. The market is believed to be in a breakout phase.
Notably, recent price movements of the cryptocurrency have increased bullish sentiment around XRP: as reported by CryptoGlobe, a cryptocurrency analyst known by the nickname Milkybull Crypto, is a member of the microblogging platform X (formerly Twitter) with more than 70,000 followers, said that the rise in the price of XRP is "just beginning, adding that he believes the growth will be similar to what was seen in 2017.
At the time, the price of XRP's own #token #Ledger soared more than 66,000% from around $0.005 to more than $3.3 before the price began to fall.
Analogously, crypto analyst MichaelXBT noted on the same microblogging platform that XRP has formed a rarely seen seven-year bullish pennant pattern. According to him, such a long period of consolidation indicates the potential for significant price growth.
Another analyst, The Great Matsby, made an even bolder prediction for cryptocurrencies, based on a technical pattern known as "Bollinger band compression.
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