Although most cryptocurrencies have reclaimed their all-time highs set in the 2017 bull run, XRP is among the unlucky few that have not. The U.S. Securities and Exchange Commission (SEC) filed a lawsuit against Ripple in December 2020, preventing the digital asset from reclaiming its all-time high in the 2021 bull run.
This lawsuit hurt XRP’s adoption by major corporations in the U.S. It also prevented the digital token from rising beyond $1.96 during the market bull run that started in late 2020.
Read Also: Is XRP on the Verge of a Bull Run? Top Chartist Shares Bullish Signals
XRP attempted another huge climb in July 2023 after the court ruled in favor of Ripple. However, it peaked at $0.93 and has stayed below that price since. However, Tylie E (@TylieEric) believes XRP’s days of trading at low prices are near their end.
Analyst Predicts a 60% Rise
Tylie E anticipates a significant price surge for XRP within the next nine days, with the token potentially reaching the $1 mark again. This forecast stems from his analysis of a 4-hour chart, which reveals a consolidation pattern for the digital token since mid-March. The token has been trading within $0.56 and $0.66, finding strong support at $0.55 but failing to break through the $0.70 resistance level.
#XRP.
Im looking for a potential 60% pump in the next 9 days or so to kick things off. pic.twitter.com/nxDwMVJv7t— Tylie E (@TylieEric) March 28, 2024
Technical Indicators Suggesting a Breakout
Tylie E’s analysis hinges on a potential breakout from this established channel pattern. The technical indicators on his chart suggest that a breach of the upper trendline is imminent.
According to the analyst, this breakout would trigger a substantial price increase over nine days. He predicts a surge to $1.0096, representing a remarkable 60.5% increase from XRP’s current price of $0.6288.
There are also other bullish signals suggesting an XRP breakout. Although XRP’s price has only climbed 0.26% in the past 24 hours, the 50-day exponential moving average (EMA) has been consistently outpacing the 200-day EMA.
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— TimesTabloid (@TimesTabloid1) July 15, 2023
Read Also: Analyst Projects 7,000% XRP Rally To $139 if it can Breach This Key Resistance
This trend signifies a higher growth rate in the short term compared to the long-term average, potentially indicating increased investor confidence and the possibility of upward momentum.
Furthermore, XRP’s current price is higher than the 50-day EMA ($0.60757) and the 200-day EMA ($0.57866). This suggests significant short and long-term bullish pressure.
Meanwhile, another prominent analyst has spotted a Golden Cross formation on XRP’s chart, suggesting an imminent breakout. Many signs point toward a bullish future, making the XRP community anticipate.
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