XRP, the sixth-largest cryptocurrency by market capitalization has been primed to surge by over 576% per an analysis recently shared by a notable technical analyst. This bullish prediction on the XRP price comes shortly after the release of the Hinman Speech Documents in the Ripple-SEC case.
As shown by the pseudonymous crypto analyst Dark Defender, XRP finally broke out of an elongated downtrend with high momentum. Per the chart, this downtrend in XRP price has lasted for as long as 777 days with no candle surpassing the trendline resistance.
Read Also: Expert Chartist Says This Wave 3 Trend Can Send XRP Price to $12 or $50. Here’s the Timeline
DefendDark wrote, “XRP has already broken the downtrend after 777 Days. Super and Wave trends are bullish.” Notably, the elongated dip began on April 12, 2021, after XRP touched a high of $1.98. Since then, XRP has remained below this price point with several failed attempts to break out of the bearish trend.
#XRP has already broken the Downtrend
after 777 DaysSuper & Wave trends are #Bullish
We can still see $0.40, but this wouldn't affect the Bullish pattern
We're forming the cup pattern targeting $0.8917, $1.7396, & $3.3939 starting from August
We are Close#XRPArmy#Ripple pic.twitter.com/KY8SGPBIS8
— Dark Defender (@DefendDark) June 18, 2023
Given the renewed interest in the top crypto asset following the recent positive developments around the Ripple vs SEC lawsuit, XRP’s last week candle closed with an increase of 11% in the asset’s price. This significant surge pushed the price of XRP above the longstanding resistance with several indicators suggesting further rally in the weekly timeframe.
In particular, the widely followed technical analyst predicts XRP to appreciate by 576% from its price at the time of writing, reaching an ultimate target of $3.3939. But the crypto asset must first surpass the lower price targets situated at $0.8917 and $1.7396.
Read Also: Top Finance Experts Set XRP Price for the End of 2023. Here’s the Target
According to the analyst, the bullish price action will begin in August. He wrote, “We’re forming the cup pattern targeting $0.8917, $1.7396, & $3.3939 starting from August. We are close.”
On the other hand, the expert noted that XRP is likely to fall to the $0.4 level, upholding that the slight dump would not hinder the bullish pattern already formed. In his opinion, “We can still see $0.40, but this wouldn’t affect the bullish pattern.”
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