As a seasoned cryptocurrency analyst with over a decade of experience observing and studying various digital assets, I have witnessed numerous price movements and patterns throughout my career. The recent surge in XRP‘s price, which has seen it rise by more than 30% in just one week, has piqued my interest.
The value of XRP, the native token of the XRP Ledger, has experienced a significant increase of over 30% within the last week. A crypto analyst predicts that its price could potentially reach as high as $36 in the upcoming period, with XRP now being in “qualification mode.”
In a recent post on microblogging platform X, which has an audience exceeding 100,000 followers, the anonymous cryptocurrency analyst Dark Defender expressed that XRP had moved into “qualification phase” following its rebound from $0.39 to reach beyond $0.60 and break the previous triangle.
As a seasoned trader with years of experience under my belt, I’ve seen my fair share of market fluctuations and trends. And so it began, with #XRP making its way into the qualification mode, bouncing off our last resistance level at $0.3917 before breaking through $0.6044 and re-entering an earlier triangle. Above the pivotal level of $0.6649, I sensed a magical potential for #XRP to soar towards significant gains, possibly reaching the price range of $18 to $36. Keep in mind that this is not financial advice, but rather my interpretation based on market trends and historical data.— Dark Defender (@DefendDark) July 17, 2024
Based on the analysis of a cryptocurrency expert, if XRP successfully surpasses the resistance level of $0.6649, it may trigger a bullish trend with potential price targets at various Fibonacci retracement levels. These targets include $1.88, $5.86, and an ambitious one at $18.23.
Significantly, there has been a rise in optimistic perspectives towards XRP following its recent price increase. Milkybull Crypto, a renowned cryptocurrency analyst, expressed this viewpoint to his substantial fan base on X (previously Twitter). According to him, the ongoing XRP price surge is merely the beginning and anticipates it will mirror the remarkable rally experienced in 2017.
In the past, the value of XRP Ledger’s native token experienced a remarkable increase, jumping from approximately $0.005 to an astounding high of over $3.3 – a gain of more than 66,000%. However, its price subsequently began to decline.
MichaelXBT, a cryptocurrency analyst, pointed out on Twitter the emergence of an uncommon seven-year bullish pennant formation for XRP. During this prolonged phase of consolidation, he posits that a substantial price rise could be imminent.
An alternate analyst, referred to as The Great Matsby, put forth a more daring forecast regarding cryptocurrencies by utilizing the technical indicator called the Bollinger Band squeeze.
An analyst has noted that XRP is presently undergoing a remarkably compact monthly Bollinger Band compression – one of the most constricted in its past records. Historically, such occurrences have been preceded by substantial price shifts for XRP. If this trend were to continue, XRP could potentially reach a trading price of $250 and boast a market capitalization worth $14 trillion.
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2024-07-19 04:03