XRP Breaks 6-Year Triangle; Analyst Aims for $3.5

XRP's Bullish

According to a well-known analyst, XRP is finally breaking free from a triangle pattern it’s been stuck in for six years. They firmly believe that this breakthrough will lead to a huge rally, pushing XRP’s price up to $3.5.

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In a recent update on X, a well-known analyst named “JD” shared their excitement about a surprising development in the XRP market chart. JD expressed joyful surprise as XRP finally broke free from the downward trend it had been stuck in since its peak in 2018.



XRP Breaks Six-Year Trendline, Analyst Eyes $3.5 Target

Renowned analyst JD recently made a significant observation regarding XRP, suggesting that the cryptocurrency is finally breaking free from its six-year trendline. This development has sparked optimism among investors, as it could potentially lead to a substantial bullish surge once the breakout is confirmed.

JD supported his analysis with a chart illustrating XRP’s performance since 2017. The chart highlighted XRP’s subdued performance over the past six years following its historic rally, with a notable uptick observed only in 2021.

The recent frenzy in the crypto market, led by Bitcoin, has also benefited XRP. JD’s observation of the breakout coincides with XRP’s 8.5% rally over the past 24 hours, with the asset climbing from a low of $0.5874 to a high of $0.6352.

Moreover, XRP has seen a significant 16.5% increase in its seven-day trajectory, following a period of relative passivity in previous weeks.

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JD believes that the breakout could pave the way for a bullish rally that could propel XRP towards the $3.5 mark once the pattern is fully confirmed. This price level was last seen in early 2018, and considering XRP’s current price of around $0.6348, reaching $3.5 would represent a remarkable 451% gain.

However, JD has advised XRP investors to approach the rally towards $3.5 cautiously and consider taking calculated profits along the way.

XRP Price Predictions: Analysts Target $1 and Beyond

Amidst the surging bull rally, multiple analysts have joined JD in predicting a bullish trajectory for XRP, with price targets surpassing the $1 threshold. Esteemed analyst EGRAG has set their sights even higher, aiming for the $2 mark.

Another notable analyst, Dark Defender, has emphasized the significance of XRP reclaiming the $0.62 territory, which has already materialized. According to Dark Defender, this could serve as confirmation for a rally toward the $2 price level.


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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  • SHBAZ

    A crypto enthusiast, Loves to write, Loves to explore and stay up-to-date about the latest developments in the crypto world. #Btc #Crypto #NFT

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