2023 has been a memorable year for XRP. It’s the year that a significant decision on the protracted lawsuit between Ripple and the US SEC was made for the first time since December 2020.
Recall that XRP spiked by more than 90% after the July 13 verdict went in favor of XRP, attaining a yearly price high of $0.93 in the process.
Meanwhile, the overall market outlook has not been impressive, explaining most cryptocurrencies’ bearish outlook. Amid all these, a crucial XRP trendline was recently discovered based on historical backing, and it elucidates XRP’s potential to surge to about $10 in one to two years from now.
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Notably, XRP’s bullish trend will play out if crypto and BTC remain in consolidation, setting the stage for a bullish reversal. This insight will focus more on explaining this XRP’s unique trendline and the best possible period to amass XRP.
The XRP Trendline
Citing historical price movements, the unique XRP trend that seems to be grabbing attention dates back to the market downturn experienced during the COVID-19 pandemic.
Intriguingly, the pattern described above intersected with the XRP market lows that played out in 2022, forming a convergence of critical support levels, which is the basis for the importance of this trendline.
Why is the XRP Price Trendline Special?
It’s worth noting that whenever XRP approaches or touches this trendline, it signals a potential buying opportunity. However, this belief is only valid if XRP does not remain below the trendline for more than five consecutive days.
The above indication ensures that investors do not face the risk of delving into a prolonged bearish trend. Instead, it ensures they enter when XRP seems to bounce off potent support levels.
Read Also: New Report Shows Real Cause of Over 45% XRP Price Drop
For Investors hoping to amass XRP in 2024, it is advisable to aim at consolidation periods, especially when it is in sync with a rising timeline.
At any point in 2024, when it appears likely that XRP could be consolidating within the price range of $0.45 and $0.48, coupled with XRP maintaining a rising timeline, investors should see the period as an attractive buying opportunity to flex their purchasing powers.
Meanwhile, aside from XRP’s successful outings in the court, the digital asset has enjoyed tremendous adoption as most companies now see it in a new light. At the time of writing, XRP is changing hands at around $0.496.
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