Linda, a prominent analyst on TradingView, recently shared her analysis, anticipating a significant upswing for XRP, projecting a potential 70% increase in the coming months. This bullish outlook follows a recent price movement where XRP experienced a brief dip below a key support level, followed by a swift recovery.
A Crucial Support Test
In mid-April, XRP endured a period of intense selling pressure, witnessing a price decline of over 20% between April 11 and 13. This slump resulted in a momentary drop to $0.4188, its lowest point in 2024 and mirroring prices seen during the August 2023 crash.
Read Also: Analyst Says XRP and VeChain (VET) Are Set For Massive Rally. Here Are Price Targets
Although this decline was discouraging, a well-respected analyst had predicted it earlier but assured the XRP army that the digital asset would not dip below $0.41.
As he predicted, this breach of the $0.50 support level, which had held firm since October 2023, proved to be a false breakdown. Bulls swiftly responded, propelling the price back above $0.50 the following day with a 5% intraday gain.
Technical Indicators Point Towards Upswing
Linda emphasizes XRP’s bullish trajectory, highlighting the recent consolidation above the $0.50 support as a positive sign. This consolidation period is expected to be followed by a continuation of the uptrend. The analyst anticipates a potential retest of the $0.50 support in the coming days before a sustained upward push.
On the weekly timeframe, Linda identifies a symmetrical triangle formation within which XRP has been since April 2021. She expects a breakout from the upper trendline of this triangle soon. This breakout is expected to fuel further upward momentum.
Potential Price Targets and Resistance Levels
Should the breakout occur, Linda projects a potential 70% price increase, with a target price set at $0.8547 – a level last seen in July 2023 after the favorable court ruling that sent XRP to $0.93. However, achieving this target hinges on overcoming two significant resistance levels: $0.6431, $0.7325, and the target of $0.8547.
We are on twitter, follow us to connect with us :- @TimesTabloid1
— TimesTabloid (@TimesTabloid1) July 15, 2023
Read Also: Binance Moves Over 64 Million XRP amid Price Rebound. Here’s the Destination
Whale accumulation trends could prove pivotal in overcoming these hurdles. Data from Santiment reveals that addresses holding between 100,000 and 10 million XRP have steadily increased their holdings over the past seven days. This aligns with multiple whale accumulation instances observed throughout April. Whales accumulated a substantial 600 million XRP in the two weeks leading up to April 23.
XRP is currently trading at $0.516, and Linda also mentioned Ripple’s willingness to only pay $10 million out of the SEC’s $2 billion request. She believes that XRP is being held back because of the lawsuit, but when it ends, the digital asset could become unstoppable.
Follow us on Twitter, Facebook, Telegram, and Google News
