XRP enthusiasts are hopeful for a big price jump to $130, and this optimism comes from XRP Captain, a well-known crypto analyst.
XRP Captain, analyzed a weekly chart dating back to 2017, where he spotted a symmetrical triangle pattern. According to his analysis, XRP has been gathering steam for nearly seven years, and he likens the upcoming surge to a spring that’s been held down.
XRP Captain mentioned, “XRP See You In 2024 At 130$. Keep In Mind It’s 7 Years Of Suppression. Imagine A Spring Which Is Suppressed For 7 Years.”
#XRP See You In 2024 At 130$. Keep In Mind It's 7 Years Of Suppression. Imagine A Spring Which Is Suppressed For 7 Years.💥🚀 pic.twitter.com/lIaOYptSWO
— XRP CAPTAIN (@UniverseTwenty) September 24, 2023
XRP’s Notable Symmetrical Triangle
XRP Captain’s chart reveals the presence of a symmetrical triangle that XRP has been trading within since 2017. This triangle is formed by two trendlines, one starting in March 2017 and the other when XRP hit its all-time high in January 2018.
In early 2017, XRP had an impressive rally and reached its peak in early 2018. The subsequent drop contributed to the formation of the lower trendline of the symmetrical triangle.
The upper trendline was created when XRP couldn’t reach those previous heights and has been in a steady decline with a few notable price surges.
Despite several attempts to break out, including surges to $1.96 in April 2021 and $0.93 in July 2021, XRP has remained within the triangle.
XRP Captain believes that XRP’s struggle is linked to its inability to break free from this symmetrical triangle. He anticipates a breakout next year and sets a bold price target of $130 once it escapes.
Community Reaction
The community had mixed reactions to XRP Captain’s analysis. JD, a well-known crypto analyst, expressed skepticism and didn’t believe that XRP could reach a three-digit price. He thought that the best-case scenario would be $20 or more and eagerly awaited the breakout.
Another crypto analyst also weighed in, suggesting that XRP wouldn’t hit $5 in the near future. To reach the $130 target, XRP would need an incredible 26,731% increase from its current price of $0.4845. While this might sound like a massive leap, the crypto market has seen such remarkable surges before.
Important:Â Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
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