Despite recent market turbulence that sent XRP tumbling, prominent analysts have projected a significant upswing for the crypto asset, with some predicting a potential rally to $10.
Currently trading at $0.532, XRP is down 16.94% over the past 30 days, closing the last five days with losses. However, it is up 3.62% in the last 24 hours. If it can keep its momentum, it could break the streak of losses, and attempt a recovery.
Optimism regarding XRP’s future also remains high. Three independent analyses, each utilizing different technical indicators, forecast a surge in the asset’s value.
Read Also: Analyst: Expect 500% XRP Price Jump To $2.8 After Current Retracement
Symmetrical Triangle Breakout
XForceGlobal (@XForceGlobal), a renowned crypto analyst and TradingView educator, identified a symmetrical triangle formed by XRP in 2021. This formation, characterized by both the lower ascending and upper descending trendlines, has confined XRP’s price movement for three years.
XForceGlobal anticipates a price retest of the triangle’s lower trendline before a decisive upward breakout. The analyst believes that the prolonged consolidation within the triangle amplifies the potential force of the eventual upsurge. Should the breakout occur, XForceGlobal projects a conservative price target of $9 to $11 in the coming years.
$XRP
Primary Macro Analysis#Ripple's #XRP triangle scenario is now becoming my primary scenario, as it should against the 1-2/1-2 scenario. The idea is still the same from my months of continuous analysis, so there is really no major change other than my bias towards this… pic.twitter.com/Vvt4yJ1kbM— XForceGlobal (@XForceGlobal) January 25, 2024
Additional Bullish Signals
CryptoBull (@CryptoBull2020), another prominent analyst, identified an ascending triangle within a broader ascending channel on XRP’s monthly chart. The larger channel has persisted since 2014, offering further technical support for an upward trajectory.
CryptoBull anticipates a breakout from the smaller triangle within the year, propelling XRP into a price range of $10 to $13.
CAPT. PARA8OLIC TOBLERONE (@CaptToblerone) employed Elliott Wave theory to predict XRP’s future movements. He envisions a five-wave structure, with the first wave pushing the price towards $0.90.
Subsequent waves are expected to bring XRP towards $7.5, followed by a potential correction down to $3 before the final surge to prices between $10 and $11.5.
We are on twitter, follow us to connect with us :- @TimesTabloid1
— TimesTabloid (@TimesTabloid1) July 15, 2023
Read Also: XRP Price Prediction Based On Bullish Cycle On XRP History
XRP’s Future
Reaching $10 would require a remarkable increase from XRP’s current price. While the technical analyses offer promising insights, realizing the projected targets will depend on various factors, including overall market sentiment and regulatory developments.
Despite the challenges, the independent forecasts from these analysts suggest that XRP could experience significant growth in the coming months and years.
Meanwhile, Ripple’s Chief Technology Officer (CTO) David Schwartz recently revealed how XRP holders can earn passive income on XRPL. With massive expectations for the token, there’s no better time to accumulate XRP and earn some income while it prepares to surge.
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