Notable market analyst and crypto YouTuber DustyBC predicts that XRP could see a massive surge, potentially rallying 4,000% to reach $30.
DustyBC believes that a “God candle” on the weekly chart is imminent as XRP struggles around the $0.52 level. According to the analyst, XRP has been trading within a multi-year symmetrical triangle on the weekly chart, indicating a significant move could be on the horizon.
DustyBC Predicts Major XRP Breakout
The symmetrical triangle, which formed after XRP collapsed from its $3.31 all-time high in January 2018, has both resisted higher price moves and defended against steeper drops. As a result, XRP has been recording lower highs and higher lows since January 2018, creating a prolonged period of consolidation.
Symmetrical triangles typically appear when the market is indecisive, leading to extended consolidations. These formations often precede breakouts, which can either result in an upward spike or a downward spiral.
Currently, XRP is tilting toward the lower trendline of this triangle, having recently retested it after dropping to $0.4235 in early April. Despite recovering from this low, XRP remains at the lower end of the symmetrical triangle. However, DustyBC believes that a breakout to the upside is more likely.
IF THIS HAPPENS FOR $XRP I'M QUITTING EVERYTHING! pic.twitter.com/3EvlJZ7TIE
— DustyBC Crypto (@TheDustyBC) June 2, 2024
XRP Forecasted to Surge to $30 Amid Rising Volume
DustyBC predicts that XRP is likely to breach the upper trendline around the $0.75 mark, anticipating a breakout that could lead to the formation of a weekly God candle. Similar candles in the past have triggered significant spikes, such as a 112% surge from $0.6354 to $1.3506 witnessed in late March to early April 2021.
According to DustyBC’s projection, this upcoming God candle could propel XRP to spike by 4,000%, reaching a new all-time high of $30.75. Such a milestone could potentially elevate XRP’s market cap to $1.7 trillion, assuming its circulating supply remains stable.
Meanwhile, XRP has seen a modest 1.2% increase to its current price of $0.5222 amidst rising volume and a notable surge in exchange withdrawals, based on Coinglass data. Over the last 24 hours, the combined spot volume on major exchanges like Binance, Bybit, Coinbase, and OKX has risen to $191 million, while investors have withdrawn $6.7 million from these platforms.
XRP Volume and Exchange Netflow. Source: Coinglass
This combination of increased trading volume and reduced exchange reserves suggests a decline in selling pressure. Bullish sentiment may strengthen further if XRP manages to surpass recent highs around $0.57, potentially setting the stage for a rally towards $0.60 as XRP aims to break out above its current consolidation triangle.
Important: 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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