Amid the general decline surrounding the entire cryptocurrency market, XRP has been observed as one of the most affected tokens, with its price falling as low as $0.51 at a swift rate.
Potential Price Surge For XRP
The price of XRP has been witnessing a significant bearish trend for quite some time now. This has led to several speculations from market analysts about the token’s future.
However, a well-known crypto analyst, XForceGlobal, has predicted a rally for XRP that could take the asset to the pivotal $11 price mark. The analyst took to the social media platform X (formerly Twitter) to share his bold projections with the crypto community.
In his macro analysis, XForceGlobal identified that XRP has been forming a symmetrical triangle since 2021. He noted a triangle scenario as the main focus of his forecast.
This symmetrical triangle was formed as a result of the upper descending trendline and the lower ascending trendline. According to data from the expert’s weekly chart, after XRP fell to a low of $0.1013 in March 2020, the token created the lower ascending trendline of the triangle.
However, it was not until the asset’s decline from $1.96 in April 2021 that the upper descending trendline was formed. Since then, XRP has not been able to break above or below the triangle.
XForceGlobal projects that as XRP approaches the triangle’s peak, it will initially plummet further to retest the lower trendline. After that, the expert predicts a significant upswing leading to an ascending breakout.
Furthermore, he asserts that the larger triangles’s ability to withstand three years of data is the largest accumulation of any token.
XForceGlobal stated:
The larger triangle scenario now has a solid three years of data which makes it the largest accumulation of any coin without breaking any major lows at the time of writing.
With his analysis, XForceGlobal has put his “conservative price” for the asset between “$9 to $11” in case the breakout happens. “I would be conservative with my targets in the coming years of around $9-$11 if the triangle scenario happens,” he stated.
The Crypto Asset Has Seen A Massive Breakdown
Another crypto analyst, Crypto Rover, has taken to X to share the effects of the decline that XRP has been observing. He underscored that the decline has seen a “massive breakdown” since the Q2 of 2021.
Rover shared a chart of the digital asset to further emphasize his analysis. As seen by Rover, XRP fell from a peak of about $1.82 in mid-April 2021 to the present price of $0.51.
Since then, the token seems to have been trading in a symmetric triangle. With the price breaking through the triangle’s base, further decline could happen if not controlled.
At the time of writing, XRP was trading at $0.5125, showing a 6.10% decrease over the past week. Its market cap is up by 0.38%, while its trading volume is down by over 3%, according to CoinMarketCap.
Featured image by Shutterstock, chart by Tradingview.com
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