XRP price is trading around the psychological $0.60 barrier after breaking through it earlier in the week. It is worth noting that XRP has shown interesting price action amidst broader market uncertainty, although many cryptocurrencies have started to turn positive. While some market participants There is still a bearish outlook on XRP.and others Looking forward to a big rise path.
A cryptocurrency analyst has revealed a technical analysis of XRP that many bulls can relate to. According to the analyst, XRP is set to rise to $32 in the coming months.
XRP price rises by epic proportions
Despite broader volatility, many cryptocurrencies She started showing signs Recovery, with XRP also a focal point of interest. The XRP analysis in question was published by social media platform X by Tylie Eric. This analysis was accompanied by an XRP/USD price chart on the 1D candlestick timeframe. As such, the price chart shows the price action of XRP since late 2020. The gist of the analysis is to depict a symmetrical triangle pattern, which has been gradually forming since early 2021, when XRP reached a peak trading value of $1.96.
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Over the years, XRP has shown a series of lower highs and higher lows, which have gradually narrowed into a narrower trading range. Technical analysts often view this pattern as a sign of a potential breakout, as the price can move significantly in either direction once a breakout occurs.
Welcome to Monday.
I am a visual person. Let this chart spark hope again. pic.twitter.com/xZXe4cpou1— Tylie E (@TylieEric) August 19, 2024
The recent price action now puts XRP price at the upper trend line of the triangle pattern. A breakout to the upside would further boost the cryptocurrency’s bullish momentum. According to Tyler’s price target, this breakout could initially send XRP to its all-time high of $3.5 before hitting resistance.
However, the sheer nature of the bullish momentum would see XRP quickly break through this resistance and reach $32. The timeline for this to happen is between now and the end of the year. If this prediction comes true, it would represent a massive 5230% increase from XRP’s current price.
What’s next for XRP?
Market sentiment around XRP is currently mixed. Tylie Eric’s prediction is particularly bold, predicting that the price of XRP could rise to $32 by the end of the year. While surges of this magnitude are nothing new for the XRP cryptocurrency, the chances of such a surge in XRP are extremely slim at the moment. However, XRP has seen Several other bullish forecasts Of a similar nature in recent weeks, especially in Following the conclusion From the Ripple-SEC lawsuit.
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On the other hand, a segment of the market remains bearish on XRP. One analyst recently went as far as to describe XRP as “The biggest scam in the cryptocurrency world“.” At the time of writing, XRP is trading at $0.6008 and is up just 1.29% on a 30-day timeframe.
Featured image created using Dall.E, chart from Tradingview.com
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