A crypto analyst has indicated a potential increase in XRP‘s value, citing a surge past a Symmetrical Triangle formation as the reason. The analyst’s prediction is based on a chart depicting XRP’s price movements over a 3-day period, emphasizing significant barriers that could push the cryptocurrency towards an optimistic goal of around $8.
Symmetrical Triangle To Push XRP Price To $8
Based on insights from an analyst known as “PlaceUrBetsPlease” on TradingView, it appears that the price of XRP is surging out of a Symmetrical Triangle configuration. This pattern typically signifies a phase of consolidation, where neither a bullish nor bearish sentiment is particularly strong.
The analyst marked essential resistance and floor prices on his graph, predicting a potential all-time high (ATH) for XRP’s cost. He underscored that the cryptocurrency has consistently kept its price above the crucial $2.21 weekly support region, which strengthens its optimistic outlook.
Right now, XRP is expected to challenge a fresh resistance point at approximately $2.35. This level is crucial, as analysts believe it will initiate another strong uptrend for the cryptocurrency. Furthermore, a TradingView market expert has indicated that following XRP’s escape from the Symmetrical Triangle pattern, there could be a significant price jump up to around $8.
The analyst’s forecast aligns with the Fibonacci extension levels, a technical method used to predict probable price milestones during an upward trend. In the provided graph, he proposes that the price points at $4 (1.272 Fib), $6 (2.618 Fib), and $7 (3.618 Fib) might function as potential barriers for XRP to surpass before reaching a new all-time high (ATH) goal of $8. This optimistic objective aligns with the 4.236 Fibonacci extension level, signifying a possible 1,500% increase from the initial breakout position.
It’s worth mentioning that an analyst using TradingView shared a prediction for XRP to reach $8, which aligns with the percentage growth seen during past market upswings. Furthermore, he suggests that the cryptocurrency’s previous all-time high near $3.32, as shown on the price graph, could potentially be surpassed again. Back in 2018, XRP reached a peak of $3.84 during its bull market, marking one of its most significant price increases since it was first introduced.
Expect A Pull Back Along The Way
Although the analyst using TradingView maintains a generally optimistic view on XRP’s price trajectory, they also advise about potential dips and market fluctuations. They suggest that investors and traders should brace for potential declines of around 10%, 20%, and even 30% as XRP approaches its projected goal.
Though these adjustments might temporarily halt XRP’s ascent towards a $8 price point, the analyst has confidently stated that such dips are common in the cryptocurrency sector, particularly during robust upward trends. According to CoinMarketCap, the current trading price of XRP stands at $2.45, implying that it would require a nearly 233% increase to achieve its all-time high (ATH) of $8.
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2025-01-13 18:40