When major pieces start to appear, XRP It may be now In a situation where things are going well for the future price path. While XRP fans are still amazed Ripple’s latest win in court, a cryptocurrency analyst dropped a bullish XRP price prediction that investors can look forward to. According to the analyst known as Jaydee, XRP is close to rising to new price zones.
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The analyst expects XRP to rise to $7.5
The days of XRP trading below $1 may be over very soon, according to cryptocurrency analyst Jaydee’s latest price forecast. The analyst made this known while sharing a very bullish prediction on social media platform X. According to the bi-weekly XRP/USD price chart shared by the analyst, the six-year trend line is finally coming to an end. A close of this trend line could signal the beginning of a huge bullish wave.
Interestingly, Jayde Technical Analysis It is based on a non-logarithmic price scale of XRP and a past event. Despite price fluctuations in the past six years, XRP has traded broadly within a downward channel since its record peak of $3.40 in 2017.
The upper resistance line reached the uptrend at $1.90, while the lower support line remained above $0.14 during a multi-year bear market. However, recent price action suggests that the entire 6-year downtrend is now heading towards the top. The contracting range leaves less and less room for XRP to fluctuate between resistance and support.
XRP is set for a breakout
As Jaydee pointed out, this only indicates that XRP is ready for a breakout to the upside. Furthermore, the analyst indicated a target price of $7.5 when XRP finally rises. With XRP currently trading at $0.4873, this price target represents an upside of 1,430%.
While this may seem strange, the analyst points to a similar price cycle between 2013 and 2017 to justify such an explosive move. Notably, a similar breakout of a five-year descending triangle pattern led to XRP rising more than 600x to peak at $3.4.
Jayde also noted that “dumb money” traders will eventually fall behind during the rally. “We’ll make sure to make a profit on the stupid money! It’ll be a fun cycle but a very sad one for most people He said.
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It remains to be seen whether XRP can repeat these amazing gains. Despite his outrageous optimism, Jade responded positively to a comment that said this cycle could be different from the 2017-2021 cycle. Looking at the XRP chart, some of the key resistance areas to watch are around $0.54, $0.63, and $0.8.
Featured image from Adobe Stock, chart from TradingView