Prominent pseudonymous crypto analyst JD (@jaydee_757) is at it again with another bold prediction for XRP. JD suggests that based on an imminent break above a persistent 6-year trendline, XRP might be gearing up for an astounding rally to $24.
A closer look at JD’s weekly chart reveals that XRP has been grappling with three significant multi-year trendlines. The upper and lower trendlines have been converging for several years, forming a symmetrical triangle.
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XRP broke from the 6-year trendline above to form a new 2-year trendline, and it has been bouncing off the new trendline. JD states in his prediction that XRP has “Hidden Bullish Divergence.” He shows this with the chart where the price has a higher low, but the indicator below has a lower low.
According to his analysis, a confirmed breakthrough of this 6-year trendline could push XRP to the impressive $24 price level.
#XRP – We are bouncing off 2year trendline w/Hidden Bullish Divergence!
If we confirmed breakout of the 6-year trendline, I expect a 📈move ($24+ possible top)!
Will you be the 5% who takes calculated profits or the 95% who "KNOWS WHAT THEY HOLD" just to get REKT again? 🤦♂️🤦… pic.twitter.com/r4XO0kph6o
— JD 🇵🇭 (@jaydee_757) September 28, 2023
The Converging Trendlines
The two larger trendlines are the upper and lower trendlines. These two original trendlines have been converging, and have formed a multi-year symmetrical triangle.
The upper trendline emerged after XRP’s all-time high in January 2018, forming during the subsequent correction period. This trendline has been resisting XRP’s attempts to reach new highs for almost six years.
The lower trendline originated when XRP experienced a surge in March 2017, followed by a significant drop. The lower trendline has been consistently supporting XRP for almost seven years.
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The Third Trendline
The third trendline broke off from the upper trendline after an XRP price surge in April 2021. This surge tried to break through the upper trendline but could not overcome the resistance. XRP’s price fell after this and continued along the third trendline.
The third trendline has existed for two years within the symmetrical triangle formed by the first two. XRP breached this trendline in July with the surge after Ripple’s victory over the U.S. Securities and Exchange Commission (SEC). This surge was followed by a corrective phase, which has not ended. XRP has remained below the third trendline.
Can XRP Reach $24?
However, the analyst anticipates a substantial rally for XRP following a retest of the lower trendline, which could see a price drop. This surge could surpass the 6-year upper trendline, sending XRP to $24.
At its current price of $0.5176, a surge to $24 will mean an astounding 4536.78% increase. Although this is massive, another analyst has predicted a 7,721% price surge for XRP, showcasing the level of bullishness in the XRP community in recent times.
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