A prominent crypto analyst known as “360 Trader” has expressed strong optimism about the future of XRP, stating that the digital asset is on the verge of a significant price increase. According to the analyst, recent market patterns indicate an imminent upward move for XRP, regardless of whether the broader crypto community supports or opposes it.
Analyzing XRP’s chart on a weekly time frame, “360 Trader” observed a symmetrical triangle pattern, which often signals potential price breakouts. This pattern has formed as XRP’s price consolidates between converging trend lines.
The price is now approaching the apex of this triangle where a breakout—whether upward or downward—becomes increasingly likely. However, the analyst confidently predicts the token’s breakout will be to the upside.
$XRP volume on the weekly says this explodes UP soon! You can hate it or you can love it – the chart doesn't care – it will go with you or without you.
Join the Elite 👇 https://t.co/9KoPh4Tuva pic.twitter.com/6E6t5pY1xH— 360Trader (@360_trader) September 17, 2024
Key Resistance Levels in Focus
The critical resistance point highlighted by the analyst is $0.65. Breaking above this level could pave the way for a significant rally. The digital asset has been consolidating in this range for several months, and many investors are now closely watching whether it can surpass this barrier.
Though symmetrical triangles can indicate movements in either direction, the overall market sentiment, combined with recent volume trends, suggests that XRP is poised for an upward breakout.
Rising Trading Volume Signals Bullish Momentum
One of the primary factors supporting the bullish outlook on XRP is the substantial increase in trading volume. Over the past few weeks, the token’s volume has surged, reflecting growing investor interest in the asset. Market data shows that over 12.94 billion XRP tokens were traded within the last seven days alone.
Additionally, in the past 24 hours, the token’s trading volume exceeded 1.8 billion, with over 50 billion XRP traded over the past month. This increase in trading activity is often seen as a precursor to major price movements, particularly during periods of consolidation, such as the current one.
The analyst also pointed to an ascending trendline in place since early 2023, indicating that while XRP has faced resistance, its price has maintained a steady upward trajectory.
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Analysts Confident XRP Will Surge
Based on the strong increase in trading volume and the symmetrical triangle pattern, “360 Trader” is convinced that XRP’s price could skyrocket soon. According to the analyst, the charts are showing clear signs that the asset is primed for a significant upward move, regardless of market sentiment.
Other notable figures in the crypto space share this sentiment. Bitcoin analyst Max Schwartzman, in a tweet, recently revealed that he has begun to accumulate XRP, despite having previously dismissed the asset.
According to Schwartzman, the historical price charts for the token suggest a major upward move, and he has set a personal target for an eightfold return on his investment within the next year.
However, not everyone in the crypto community is convinced. Some market participants like “Financial Freedom” have expressed skepticism, pointing out that similar bullish predictions for XRP were made in the past, with little to no significant price changes.
The X user questioned “360 Trader” on the exact timeline of when this predicted surge might occur, noting that many analysts have been forecasting an XRP breakout for years without it materializing.
Despite the mixed reactions, the evidence presented by “360 Trader” and other bullish analysts points to a potential breakout for XRP. The combination of rising trading volume, a strong ascending trendline, and a well-defined symmetrical triangle pattern suggests the token is on the verge of a major price movement.
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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