XRP, the native token of the XRP Ledger (XRPL), is currently exhibiting highly bullish signals according to ‘Steph Is Crypto,’ a market expert on X
A crypto analyst is bullish on XRP’s future prospects, predicting a significant price surge to $40. Despite years of stagnation in XRP’s price growth, the analyst has maintained unwavering optimism in both the short-term and long-term potential of the cryptocurrency.
XRP, the native token of the XRP Ledger (XRPL), is currently exhibiting highly bullish signals, according to ‘Steph Is Crypto,’ a market expert on X (formerly known as Twitter). In a recent video, Steph Is Crypto shared an in-depth analysis of the XRP chart, revealing that the cryptocurrency is preparing for a substantial breakout in the near future.
The analyst pointed out that XRP is forming a “larger inverted head and shoulders” technical pattern on the daily time frame. This pattern, if completed, could trigger a breakout confirmed when XRP’s daily candle closes near the neckline at the $0.65 level. Once XRP surpasses this crucial price point, a surge to $1.11 is anticipated, representing a 106% increase from its current value.
On a monthly time frame, Steph Is Crypto highlighted that XRP’s price is approaching the apex of a distinctive symmetrical triangle pattern. This pattern, characterized by two converging trend lines, indicates the potential for a significant price movement following a period of sideways trading. Based on this chart pattern, the analyst believes that XRP could experience an explosive surge to $40 within the coming weeks. However, given the ambitious nature of this forecast, the analyst cautioned investors to remain skeptical, noting the inherent unpredictability of the market.
If XRP successfully breaks above the downward-sloping resistance line of its symmetrical triangle pattern, the cryptocurrency could see a swift upward move. Achieving a $40 price point would require a staggering 75.5% rally from its current value of $0.53.
Observing the Fear and Greed index of the broader crypto market, it is evident that many investors are currently in a state of fear due to recent market downturns and volatility. However, Steph Is Crypto has advised XRP investors to stay optimistic, stressing that now is the worst time to panic sell their holdings. Additionally, the analyst noted a significant build-up of liquidity from short positions in XRP, suggesting investors monitor the liquidity margin closely as a short squeeze or upward movement could be imminent.
Despite the bullish outlook from analysts and the recent legal clarity surrounding XRP, the cryptocurrency’s growth remains sluggish. According to data from CoinMarketCap, XRP continues to consolidate around the $0.5 price level, recording only modest gains even in favorable market conditions.
Within the last 24 hours, the price of XRP has increased by 1.06%, though it experienced a decline of 1.90% over the past week. This slow recovery trend is evident from the XRP price chart on Tradingview.com.
As the market watches closely, the future trajectory of XRP is set to unfold in the coming days and weeks.
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