According to technical patterns, XRP’s current price of $0.4976 sits at a critical juncture. Crypto analyst Leb Crypto (@leb_crypto) examined XRP’s mid-term outlook, specifically focusing on the symmetrical triangle pattern that has emerged since early 2021. Leb Crypto suggests that XRP’s price movement currently leans bearish on daily and higher time frames.
According to Leb Crypto, the key level to watch is $0.45. If XRP can climb above $0.75, a bullish sentiment is likely to take hold. This corroborates another prominent analyst’s assertion, who recently showed how XRP can reach $0.75 to open the door for a major breakout.
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However, a drop below $0.45 could trigger a significant bearish turn, with the next major support level at $0.30. Leb Crypto emphasizes the importance of data-driven trading based on price action over emotional responses or general project perception.
The analyst maintains a long-term bullish outlook, highlighting XRP’s consistent formation of higher macro lows since early 2021.
Potential Price Surge on the Horizon?
Market analyst EGRAG CRYPTO (@egragcrypto) offers a contrasting perspective, presenting a more optimistic prediction. The analyst forecasts a potential 41% price increase for XRP, potentially leading to a breakout.
Despite XRP’s underperformance, the analyst showed that XRP has experienced this pattern in the past. EGRAG CRYPTO’s analysis suggests this initial surge could be the start of a more substantial rally, mirroring patterns observed in 2017 before XRP’s climb to its all-time high of $3.84 in January 2018.
Timeline for a Breakout
In a separate analysis, U-copy (@UCopy417) offered a timeline for a potential breakout from the seven-year symmetrical triangle earlier mentioned. Multiple analysts have referenced this triangle as an extended consolidation period and expect a massive breakout soon. U-copy suggests the period between May 15 and August 2024 as a critical window for XRP to achieve this breakout.
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Although he did not provide a specific target, he believes this breakout will show XRP’s true colors in the 2024 bull cycle. XRP’s future trajectory remains to be seen.
While Leb Crypto’s analysis suggests a potential shift in sentiment depending on whether the price can hold above $0.45, analyst predictions offer a more optimistic outlook, with some forecasting a significant price increase.
Most analysts share the latter belief, and Leb Crypto’s belief that XRP is bullish in the long term solidifies its bullish future.
Disclaimer: This content is informational 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. Times Tabloid is not responsible for any financial losses.
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