Recently, there’s been a lot of talk about XRP in the cryptocurrency world. Even though other cryptocurrencies went down in April, some analysts think XRP might be getting ready to climb up.
One of these analysts is Jonathan Carter, known as @JohncyCarter. He’s a market expert and believes that XRP is set for a big jump. He thinks it could hit targets of $0.93 and $1.68 in the mid-term. But for this to happen, XRP needs to break out of a pattern called a multi-year symmetrical triangle.
Understanding XRP’s Symmetrical Triangle Pattern
A symmetrical triangle is a chart pattern formed by two converging trendlines, one sloping upwards and the other downwards. This pattern indicates a period of consolidation, where buying and selling pressures are relatively balanced.
Over the past three years, XRP’s price movements have formed a notable symmetrical triangle. In this pattern, the upper trendline acts as resistance, while the lower trendline serves as support. A breakout from this pattern in either direction signals a potential shift in market sentiment.
Carter’s Analysis and Weekly Price Movements
Jonathan Carter focuses specifically on XRP’s price movements on a weekly timeframe. In April, XRP experienced a significant drop to around $0.42, leading to a retest of the lower trendline of the symmetrical triangle. This retest, following a period of decline, suggests the emergence of potential buying pressure.
Despite the recent market correction pushing XRP’s price downwards, Carter believes that this downtrend may be reaching its conclusion. Like other analysts who have identified similar symmetrical triangles, Carter anticipates an imminent breakout from the pattern. This breakout hints at a potential reversal of the current price trajectory for XRP.
Analyst’s Price Targets for XRP
Should a breakout occur from the symmetrical triangle pattern, Jonathan Carter outlines a two-step price target for XRP. The initial target is set at $0.93, representing XRP’s highest point since July 2023. In July 2023, XRP briefly surged to this level following a favorable ruling in its legal battle with the SEC. However, it faced significant resistance and quickly dropped back down.
Analyst Carter expresses confidence that XRP will surpass the $0.93 barrier this time. This optimism sets the stage for his mid-term target of $1.68. Achieving this price point would mark a substantial gain of over 219.2% from XRP’s current price of $0.5263.
Technical Indicators Supporting Analyst’s Prediction
Several technical indicators lend support to Carter’s prediction. The MVRV (Market Value to Realized Value) Ratio for XRP has recently decreased to a low value, indicating that the current market price might be undervalued compared to previous average prices.
Additionally, the XRP Commodity Channel Index (CCI) on the 1-hour chart reinforces the possibility of undervaluation. While some analysts project even higher targets based on bullish signals, Carter adopts a more conservative mid-term approach.
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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