XRP Price Ready For 70% Breakout As Long-Term Consolidation Nears Its End
April 24 2024 - 9:00PM
NEWSBTC
The XRP price has seen some level of recovery over the last two
days that has seen positive sentiment returning to the latocin once
again. This has carried forward with the expectation that the price
will continue to surge. One crypto analyst in particular, who goes
by RLinda, has revealed why the cryptocurrency is set to surge 70%.
XRP Price Completes A False Breakdown In the analysis that was
posted on the TradingView website, crypto analyst RLinda outlined a
number of reasons why the XRP price may be getting ready for a
surge. One of these reasons is the fact that the altcoin has
completed a false breakdown. Related Reading: Ethereum Resurgence:
TRON Founder Justin Sun Goes On 127,388 ETH Buying Spree This is
referring to the price crash that sent the price falling from $0.7
to $0.42, recording an almost 50% crash. However, the crypto
analyst believes that this crash was bullish for the coin as it was
basically a false breakdown, followed by a breakout. In scenarios
such as this, the XRP price could be headed for a breakout similar
to the breakdown and eventual recovery between August and November
2023. Such a case could see the price rise 50% with a higher end of
70%. Source: Tradingview.com Additionally, the XRP price has also
been in long term consolidation, another factor that could
contribute to this breakout. “XRPUSDT is forming a technical false
break of support, in the long term consolidation above the zone
should be formed with the purpose of continuation of growth, the
potential of which can be opened by 50-70%,” the analyst stated.
The State Of XRP XRP has already seen investors returning once it
was clear the worst of the crash. Crypto whales, in particular,
have been making their bets, moving 600 million XRP tokens. As
NewsBTC reported, whales holding between 10 million and 100 million
XRP increased their holdings by 30 million in just one week. But
even more interesting is the fact that they have moved up to 600
million tokens in the space of two weeks. Related Reading: Ripple
Vs. SEC Update: Is The Lawsuit Finally Coming To An End With A
Settlement? These moves come ahead of crypto analysts prediction
major upside for the cryptocurrency. One of those is crypto analyst
Egrag Crypto who predicted that the XRP price is ready to spike as
high as $1.4. This would mean an over 100% increase in price.
However, XRP has not exactly been the market favorite in recent
times. Its daily trading volume has seen a notable decline, with
Coinmarketcap reporting a 20% drop to $1.33 billion in the last
day. Nevertheless, the altcoin remains the 7th-largest in the
space, with a market cap of $30.3 billion. XRP struggles above $0.5
| Source: XRPUSDT on Tradingview.com Featured image from Coinpedia,
chart from Tradingview.com
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