Based on 2.5-Year Symmetrical Triangle, Analyst Shows XRP Path to $3.80

Pundit Says Most XRP Holders Will Cash Out $20, $50, $100, and $500. Here's why

JD (@jaydee_757), a notable market analyst, maintains a bullish stance on XRP, identifying ideal levels for Dollar Cost Averaging (DCA) purchases and projecting a sustained uptrend with a target price of $3.8.

JD’s recent analysis comes after misleading reports of a BlackRock iShares XRP ETF filing. Despite reaching $0.73 initially, XRP’s price swiftly dropped after credible sources exposed the filing as false.

XRP, at the current price of $0.6296, is trading at levels similar to its price before the surge initiated by the false ETF filing.

Although it is down 1.09% in the past 24 hours, the token is showing resilience and a positive trend with higher highs and higher lows. This pattern confirmed that XRP was trading in an uptrend, even with the correction.

JD’s Chart Analysis

JD presents a chart with an optimistic prediction for XRP over the next few months. The analyst reveals the presence of a symmetrical triangle, a pattern that has influenced XRP’s price dynamics since April 2021, following a substantial drop from $1.96.

XRP has consistently marked lower highs and higher lows, resulting in the current symmetrical triangle pattern. This triangle formation appears to be a key factor shaping the trajectory of XRP’s market movements.

However, the digital token broke out of this pattern in July of this year after a favorable ruling in Ripple’s case with the U.S. Securities and Exchange Commission (SEC) sent XRP to $0.93.

XRP experienced a price correction a month later, retesting the upper trendline of this 2.5-year triangle. The crypto asset experienced another surge after this retest, closing September and October in the green, and the token has carried the positive momentum into November.

Weekly Trends and Strategic Averaging

Despite recent downturns, the weekly timeframe shows an intact upward trend. JD’s chart considers potential declines, strategically identifying the Fibonacci 0.618 to 0.786 range as the ideal zone for dollar cost averaging.

This targeted area lies within the $0.41 to $0.477 region, providing a predefined range for investors to consider as an opportune entry point amid the market correction.

However, XRP might not reach these levels because another prominent analyst has marked $0.55 as a crucial support level for a bull run. While the chart indicates the potential for additional declines, the overall outlook for XRP remains positive.

JD anticipates a surge to $3.8 once the cryptocurrency overcomes its crucial resistance levels, with the initial significant barrier set at $0.8.

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Tobi Loba

Tobi Loba is a passionate writer with a vast interest in the stock market. She joined the crypto ecosystem about three years ago and has written lots of ebooks and articles in relation to cryptocurrency and blockchain projects. Tobi Loba earned her degree at the University of Ibadan.