A recent technical analysis by XRP Captain (@UniverseTwenty) shows that XRP is on its way to an astonishing $14 target. In his recent post on X, the analyst shows two significant technical patterns suggesting that XRP is on the verge of a major breakout.
#XRP 15$ Technical Target š„š„š pic.twitter.com/elc6n1DWGQ
— XRP CAPTAIN (@UniverseTwenty) March 16, 2024
Read Also: Using Elliott Wave Theory, Analyst Predicts 5,335% XRP Rocket Surge to $27. Here’s the Chart
XRP’s Symmetrical Triangle
The analyst showed a converging symmetrical triangle, signaling an impending surge. The bottom trendline of the triangle began at XRP’s lowest point of $0.0025 in 2020, and the upper trendline began with XRP’s massive resurgence to $1.96 in 2021. Both trendlines have been converging, with XRP forming lower highs and higher lows.
The digital asset retested the upper trendline in July 2023 when it climbed to $0.93 following a favorable ruling that determined that all non-institutional XRP sales were not security offerings. However, a swift correction after the court ruling sent XRP back down, and it has stayed within the triangle formation since then.
The Elliott Wave Structure
On the XRP Captain’s chart, he highlighted multiple 5-Wave structures, showing a repeating pattern. All the waves form an overarching 5-wave structure that has determined XRP’s price since launch. The digital asset has hit the bottom of Wave 4, and the analyst predicts that a break above $0.89 will signal a massive bullish breakout for XRP.
The analyst predicts a 1,577% surge for XRP, with a target of $14.18. Although XRP Captain did not set a specific timeline, another analyst recently predicted a massive run in April for XRP, which could be the beginning of a rise to $14.
We are on twitter, follow us to connect with us :- @TimesTabloid1
— TimesTabloid (@TimesTabloid1) July 15, 2023
Read Also: Depending On XRP Elliott Wave Path, Analyst Predicts 3,361% or 2,400% Surge to $18 or $13
Can XRP Reach This Target?
XRP’s struggles since its all-time high of $3.84 in January 2018 were mainly caused by the lawsuit with the U.S. Securities and Exchange Commission (SEC). The lawsuit hurt XRP’s adoption by big companies in the U.S. and prevented the digital asset from reaching a new all-time high in the 2021 bull run.
However, with the lawsuit nearing its end, the expectations for XRP in the 2024 bull run are high. Crucial dates for the lawsuit were recently revealed, and the end of the lawsuit could be the end of XRP’s underperformance. XRP Captain’s $14 is feasible because the digital asset has climbed more than 1,577% before, and $14 could be the bottom when XRP starts climbing.
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