XRP Breakout: Analyst Forecasts Potential Price Surge To $11
January 26 2024 - 6:00AM
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Amid the general decline surrounding the entire cryptocurrency
market, XRP has been observed as one of the most affected tokens,
with its price falling as low as $0.51 at a swift rate. Potential
Price Surge For XRP The price of XRP has been witnessing a
significant bearish trend for quite some time now. This has led to
several speculations from market analysts about the token’s future.
However, a well-known crypto analyst, XForceGlobal, has predicted a
rally for XRP that could take the asset to the pivotal $11 price
mark. The analyst took to the social media platform X (formerly
Twitter) to share his bold projections with the crypto community.
Related Reading: Is XRP Price At $20 Possible? Crypto Analyst
Predicts Stunning Move In his macro analysis, XForceGlobal
identified that XRP has been forming a symmetrical triangle since
2021. He noted a triangle scenario as the main focus of his
forecast. This symmetrical triangle was formed as a result of the
upper descending trendline and the lower ascending trendline.
According to data from the expert’s weekly chart, after XRP fell to
a low of $0.1013 in March 2020, the token created the lower
ascending trendline of the triangle. However, it was not until the
asset’s decline from $1.96 in April 2021 that the upper descending
trendline was formed. Since then, XRP has not been able to break
above or below the triangle. XForceGlobal projects that as XRP
approaches the triangle’s peak, it will initially plummet further
to retest the lower trendline. After that, the expert predicts a
significant upswing leading to an ascending breakout. Furthermore,
he asserts that the larger triangles’s ability to withstand three
years of data is the largest accumulation of any token.
XForceGlobal stated: The larger triangle scenario now has a solid
three years of data which makes it the largest accumulation of any
coin without breaking any major lows at the time of writing. With
his analysis, XForceGlobal has put his “conservative price” for the
asset between “$9 to $11” in case the breakout happens. “I would be
conservative with my targets in the coming years of around $9-$11
if the triangle scenario happens,” he stated. The Crypto Asset Has
Seen A Massive Breakdown Another crypto analyst, Crypto Rover, has
taken to X to share the effects of the decline that XRP has been
observing. He underscored that the decline has seen a “massive
breakdown” since the Q2 of 2021. Related Reading: XRP Bears
Looming: Analyst Predicts Potential Drop To $0.28 Rover shared a
chart of the digital asset to further emphasize his analysis. As
seen by Rover, XRP fell from a peak of about $1.82 in mid-April
2021 to the present price of $0.51. Since then, the token seems to
have been trading in a symmetric triangle. With the price breaking
through the triangle’s base, further decline could happen if not
controlled. At the time of writing, XRP was trading at $0.5125,
showing a 6.10% decrease over the past week. Its market cap is up
by 0.38%, while its trading volume is down by over 3%, according to
CoinMarketCap. Featured image by Shutterstock, chart by
Tradingview.com
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