The price of XRP, the native token of the XRP Ledger, has been on a turbulent journey in recent years. After a meteoric rise to nearly $2 in April 2021, XRP has been in a slump, leaving investors questioning its potential for recovery as it’s now trading at $0.52 while BTC is at $62,000. However, a recent analysis by market analyst Jonathan Carter suggests that XRP might be on the cusp of a significant upswing.
The cryptocurrency strategist shared his analysis on the microblogging platform X (formerly known as Twitter), pointing to a symmetrical triangle on the cryptocurrency’s weekly chart, from which XRP could soon break out of.
The price of XRP has been trapped within this triangle for several years, reflecting a potential tug-of-war between buyers and sellers. A successful breakout, Carter said, would see XRP move upward significantly.
A recent price dip in April, mirroring a broader market correction, saw XRP retest the lower boundary of the symmetrical triangle. In technical analysis, such a retest is often viewed as a potential precursor to a breakout, where the price decisively breaches one of the trendlines, and the rest was interpreted as a potential signal for a breakout.
Should a breakout from the symmetrical triangle materialize, Carter projects an initial surge towards $0.93, a level XRP briefly touched in July 2023 following a positive development in the ongoing legal battle with the Securities and Exchange Commission (SEC).
However, Carter believes XRP will surpass this resistance level and reach a more ambitious mid-term target of $1.68, representing a staggering increase of over 200% from its current price level.
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Despite the bullish analysis, the cryptocurrency market remains inherently volatile, and unforeseen events can significantly impact price movements. Additionally, the lingering SEC lawsuit, which centers around XRP’s classification as a security, continues to cloud the token’s future.
A negative outcome in the lawsuit could dampen investor sentiment and derail any potential price surge. Nevertheless, other analysts remain bullish, with Egrag Crypto recently saying a potential surge to the $4 mark is “feasible.”
Featured image via Unsplash.