In a recent tweet, crypto enthusiast Xrp Hawker made bold predictions regarding the future price movements of XRP, supported by a detailed chart analysis. This prediction is grounded in the comparison with a fractal pattern observed during the spring of 2017.
According to Xrp Hawker, XRP is expected to experience a significant rise to approximately $6.10 by the end of August, followed by a correction to around $2.38 by September, and then a final upswing to about $32, thereby concluding the alt season by November 5th.
The attached chart, which is a daily candlestick chart of the XRP/USD pair on the BITSTAMP exchange, provides a visual basis for this prediction. The chart features several technical elements, including a descending trendline, key support zones, and significant price levels that have been highlighted to illustrate the expected price trajectory.
Price Prediction Based on 2017 Fractal
Xrp Hawker’s prediction is based on a fractal pattern from 2017, a common method in technical analysis where past price patterns are used to forecast future movements. Fractals can provide insights into potential price actions, especially in highly volatile markets like cryptocurrencies.
- First Target – $6.10 by August: The prediction posits that XRP will surge to $6.10 by the end of August. This target represents a substantial increase from the current levels and implies a breakout above the established resistance. Such a movement would require a significant catalyst, potentially driven by positive news, broader market movements, or technical factors.
- Correction to $2.38 by September: Following the anticipated surge, a correction to around $2.38 is expected by September. Corrections are common after strong upward movements, as they allow the market to consolidate and gather strength for further advances. The predicted correction level suggests a significant retracement but still maintains a higher low relative to current prices.
- Final Upswing to $32 by November: The most optimistic part of the prediction is the final upswing to approximately $32 by November 5th. Achieving this target would mark a historic high for XRP and would require sustained bullish momentum and strong market participation. This level of price movement would likely coincide with a broader alt season, where multiple altcoins experience significant gains.
We are on twitter, follow us to connect with us :- @TimesTabloid1
— TimesTabloid (@TimesTabloid1) July 15, 2023
While Xrp Hawker’s predictions are ambitious, they highlight the potential volatility and rapid movement of prices in the crypto market. The technical analysis in the attached chart supports the possibility of a significant breakout, contingent on the price breaking above the descending trendline and sustaining upward momentum.
It’s essential to combine technical analysis with other factors, including fundamental analysis and market sentiment, to make well-informed trading decisions.
Disclaimer: This content is meant to inform and should not be considered financial advice. The views expressed in this article may include the author’s personal opinions and do not represent Times Tabloid’s opinion. Readers are urged to do in-depth research before making any investment decisions. Any action taken by the reader is strictly at their own risk. Times Tabloid is not responsible for any financial losses.
Follow us on Twitter, Facebook, Telegram, and Google News
