The cryptocurrency market is experiencing a historic resurgence, and XRP has been one of the top performers over the past few weeks.
Amid this spectacular performance, analysts are predicting that the digital asset can go even further. A recent chart shared by CryptoWzrd (@cryptoWZRD_), a widely followed analyst on X, predicting a surge to $8.00 and beyond.
The chart highlights a recurring technical pattern reminiscent of XRP’s price movement during 2017. Back then, XRP experienced a meteoric rise after breaking a key resistance level around $0.028, flipping it into support. CryptoWzrd notes, “The flip is happening… just like 2017,” referencing the similarity between past and present market structures.
The current technical setup shows a long-term symmetrical triangle breakout, supported by strong momentum. This pattern typically shows a continuation trend, with XRP already displaying significant upward movement. According to the chart, XRP has successfully flipped previous resistance levels into support, and this bullish signal often precedes further price increases.
The symmetrical triangle breakout on XRP’s weekly timeframe aligns with historical bullish trends. CryptoWzrd points to the breakout as a precursor to another parabolic move. If the pattern holds, XRP’s next target is $8, representing a new all-time high and a major milestone for the asset.
The analyst highlighted a key resistance level at $2 on the chart. Crossing this level in early December was a significant move for XRP, and it has spent most of its time above this level since then. If it can flip it to support as it did with the $0.028 level in 2017, CryptoWzrd believes it will kickstart the climb to $8.
At press time, XRP traded at $2.38, up almost 10% from last week. The $8 target represents an astounding 236.1% increase.
The chart’s optimistic outlook coincides with positive developments in XRP’s ecosystem, including increasing adoption and regulatory clarity. The biggest catalysts for XRP growth at the moment are the excitement surrounding Donald Trump’s inauguration on January 20, and Gary Gensler’s resignation on the same day.
This major shift in the political and regulatory landscape could change the strategy of the U.S. Securities and Exchange Commission (SEC) for crypto regulation. Many experts speculate that the new administration will end Ripple’s legal battle with the SEC. This would free XRP investors from uncertainty, and allow Ripple to expand its services freely.
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.
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