Ascending Triangle Forming On XRP Chart: Top Chartist Sees a Rocket Surge to $3.7

With each passing day, bullish sentiments on XRP price movements seemed to emerge following the outcome of the legal dispute between Ripple and the United States Securities and Exchange Commission (SEC). 

In one of the most recently surfaced price predictions, Coinskid, a renowned crypto analyst, took to Twitter to hint at a possible XRP price surge emanating from an ascending triangle. Per Coinskid, this newly discovered pattern could catapult XRP’s worth to about $3.7442, implying a 430.6% surge.

Read Also: State-of-the-art Machine Learning System Sets XRP Price For August 2023

What Does An Ascending Triangle Entail?

An ascending triangle could be said to be a bullish continuation pattern, indicating a possible upside breakout. The formation is usually depicted by a horizontal resistance line and a rising support line, highlighting increasing buying pressure as the price consolidates. 

Coinskid noted that the compression in price action would lead to expansion that could birth the onset of a significant price movement. 

Coinskid’s Six-Month Double Bottom

Sharing a little insight on what the chart under his tweet was all about, Coinskid highlighted the presence of a possible double bottom, noting that it would consolidate the possibilities of a potential rally.

For context, a double-bottom pattern represents a bullish reversal formation, implying that a strong support level to aid a bullish trend is imminent. 

In addition, the chart projected XRP’s price ascent to a potential $3.7442 in 2025, which would play out after a possible $0.8271 initial increase target.

Read Also: Google Bard Was Asked to Predict XRP Prices for 2023, 2025, and 2030, Here’s What It Said

XRP Community Reacts

As usual, XRP community members flooded Coinskid tweets to share their unique sentiments regarding the chartist assertion, especially those hoping for the asset to break into the $3 territory.

A yet-to-be-identified XRP community member pointed out the need for a downward leg to complete the ascending triangle structure, which would result in retests on lower timeframes.

In response to the above observation, A Twitter user with the incognito Liz-Taylor.XRP seemed optimistic about the potential leg up, speculating that a pullback to the mid $0.60 and even $0.50 could even precede any prospective bullish run, with April 2024 tagged as the favorite for the anticipated rally since Bitcoin halving event will fall within that period. 

Another XRP advocate cited historical trends, noting that August and September are out of reach for a potential XRP rally. Per this advocate, an initial drop within the $0.50 and $0.55 range is ideal before a bullish run can set in. 

Meanwhile, XRP’s price today is $0.693669. It is up by 0.9%, with a 24-hour trading volume valued at $1,115,315,190 and a market cap worth an estimated $36,604,205,964.

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