XRP has drawn the attention of analyst DustyBC Crypto (@TheDustyBC), who anticipates a significant price increase shortly. This analysis uses technical indicators to show a potential breakout and the reasoning behind the bullish forecast.
DustyBC Crypto highlights the presence of a multi-year symmetrical triangle on the weekly XRP chart. This chart pattern typically emerges in periods of market indecision, leading to extended consolidation phases.
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The triangle’s upper and lower trendlines have confined XRP’s price movement since its all-time high of $3.84 in January 2018. While the price has fluctuated within this range, it has generally followed a pattern of lower highs and higher lows.
This pattern suggests that the forces of supply and demand are currently in a state of equilibrium. However, a breakout from this triangle is often a precursor to a significant price movement, either upwards or downwards.
Other prominent analysts have pointed to this triangle as a signal for an impending breakout. The analyst shows that XRP is trading near the symmetrical triangle’s lower trendline. While a recent price drop touched $0.4235 in early April, XRP has since recovered. DustyBC Crypto believes a breakout towards the upper trendline at around $0.75 is more likely.
This potential breakout is further bolstered by the possibility of a “God candle” forming on the weekly chart. A God candle is a large and bullish candlestick pattern signifying a substantial price increase.
DustyBC Crypto anticipates a similar God candle following the projected breakout at $0.75. This upward spike could propel XRP by 4,000% from the breakout price of $0.75, sending the digital asset above $30.
Read Also: Analyst Spots Shiba Inu (SHIB) Crucial Support Level For Bullish Breakout
While the price prediction remains speculative, certain on-chain metrics offer intriguing insights. Data from Coinglass indicates a rise in both trading volume and exchange withdrawals for XRP. This suggests increased investor activity and potentially a decrease in selling pressure.
If the price breaches the resistance level at $0.57, established in early May, it could pave the way for a further climb towards $0.60. This upward momentum could culminate in a breakout from the symmetrical triangle, potentially fulfilling DustyBC Crypto’s bullish prediction.
XRP has shown many bullish technical indicators recently, and the historic surge to change the lives of faithful XRP holders could be just around the corner.
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