XRP Price Surge: ‘Dumb Money’ Will Miss Out, Analyst Cautions
December 28 2023 - 1:30PM
NEWSBTC
Popular crypto analyst JD, known for predicting XRP’s bottom at the
$0.28 price level, has warned of a batch of ‘dumb money’ traders
missing on the next XRP price surge. According to JD, this set of
traders may overlook the opportunity to get on before the next
price surge, drawing parallels to past XRP price action.
Analyst JD Draws Parallels To Past XRP Trends Despite the volatile
nature of the crypto market, most cryptocurrencies are known to
repeat or mirror past phenomena in their price action. As a result,
it is very common for crypto analysts to look at the past and
assess current trends when trying to predict the future movement of
cryptocurrencies. Related Reading: Dogecoin Whale Moves 71 Million
DOGE To Robinhood, What Does This Mean For Price? The expert
compared the present price pattern to 2017, which was the year that
XRP finally broke its boring price action that lasted from 2013 to
2017. A look through this cycle shows XRP underperforming when
compared to other cryptocurrencies. As a result, the ‘dumb money’
traders complained and bolted, causing them to miss the astounding
gain that came after. However, XRP would then go on a 600x
price gain after breaking out of the 4-year consolidation
trendline. As a result, the crypto reached as high as $3.84 in
January 2018, its current all-time high. XRP has had its ups and
downs this year stemming from different updates within the Ripple
ecosystem. The crypto went on a price surge in the middle of the
year, reaching a yearly high of $0.82 in July. XRP has traded below
this price point since then, despite most cryptocurrencies
registering new yearly highs in the last quarter of the year.
JD noted that XRP’s price action is currently mimicking the point
at which it broke out of the consolidation in 2017, warning of
‘dumb money’ traders who might miss out on the next potential price
surge. #XRP – I remember 2017 when “Dumb money” capitulated after
4years of “boring emotional” action while other coins 🚀📈 “Dumb
money” complained & capitulated missing the 600x gain LOL!
Present pattern looks exactly like 2017. Need more dumb money to
complain before 🚀📈 LOL! $XRP… pic.twitter.com/tbyckfYA8V — JD 🇵🇭
(@jaydee_757) December 26, 2023 Token price sitting at $0.64
Source: XRPUSD On Tradingview.com XRP Price Target XRP has grown
massively since its 2017 days and now has a market cap of over $34
billion. When asked about a potential price target, JD noted that
the repeat of a 600x in the case of a breakout would be unrealistic
at this point. An 8-10x surge is more likely according to the
current technicals. With XRP currently trading at $0.639, a 10x
price surge would make a price target just over $6. Related
Reading: Crypto Trading Firm Expects Bitcoin To Crash To $36,000,
Here’s Why In another chart shared by the analyst, he noted that
XRP’s price is currently forming a cup and handle formation in the
2-day timeframe. If this formation holds, a bullish breakout would
see XRP reaching a $0.95 price target. #XRP – As long as handle
does not break down 50% of the size of cup, then C&H is in
play! This may be what we need for Symmetric triangle to breakout
on Log Scale! Loaded up at 0.28, 0.33, 0.45, 0.52, and 0.59 during
FEAR! Be ready both ways! Retweet/like for updates!…
pic.twitter.com/T67EhrHKO2 — JD 🇵🇭 (@jaydee_757) December 28, 2023
Featured image from The Bitcoin News, chart from Tradingview.com
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