XRP Price On The Brink: This 10-Year Trendline Could Lead To A 4000% Surge
February 07 2024 - 3:00PM
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Crypto analyst Jaydee recently highlighted a historical pattern
that suggests that the XRP price could experience a parabolic move
soon enough. If history is anything to go by, XRP is believed to
have the potential to see a 4,000% surge when this pattern finally
forms. XRP Price Testing 10-Year Trendline Jaydee revealed in an X
(formerly Twitter) post that the XRP price was currently testing a
10-year trendline. This move is significant as the analyst noted
that XRP saw a 39x and 650x increase in its price the last two
times this trendline was tested. Specifically, the 650x increase
came in 2017, which happened to be a notable year for XRP. Related
Reading: Bitcoin, Solana Take Center Stage In $721 Million In
Institutional Inflows Several analysts have referred to 2017 in
their XRP analysis, suggesting that 2024 could mirror it in some
way. In fact, Jaydee had alluded to 2017 in one of his previous XRP
analyses, where he noted that a symmetrical triangle that formed
then had returned to the charts. He suggested that the bullish
pattern could trigger another parabolic move like the one that
occurred in 2017. Meanwhile, Jaydee revealed in a more recent X
post that he was stacking up on more XRP tokens despite the crypto
token’s tepid price action. The analyst advised his followers to
“stop timing the bottom” when they can just buy the consolidation
phase. He further hinted that a move to the upside could be
imminent, stating that the weekly RSI looks like a “hidden bullish
divergence.” A Buy Signal On The XRP Charts Crypto analyst Ali
Martinez stated in an X post that the TD Sequential indicator was
signaling a buy on the XRP weekly chart. According to him, this
indicator further suggests that the XRP price is “poised for an
upswing lasting one to four weeks.” Interestingly, this coincides
with crypto analyst Crypto Rover’s prediction that XRP could
experience a “massive breakout” by March. Related Reading: PEPE
Ready To Make A Comeback? On-chain Indicators Have The Answer Then,
Crypto Rover’s chart analysis hinted at XRP rising to as high as $1
when this move to the upside occurs. However, it remains uncertain
whether or not XRP will be able to sustain that bullish momentum in
a bid to fulfill crypto analyst Egarg Crypto’s prediction that XRP
will rise to $5 by April. Egrag mentioned that the $5 range
would only mark the “initial wave 1 of a prolonged bull market.”
The analyst has also stated on different occasions that XRP could
rise to as high as $27 in the next bull run. At the time of
writing, the XRP price is trading at around $0.5, down in the last
24 hours, according to data from CoinMarketCap. XRP bears
reclaim control | Source: XRPUSD on Tradingview.com Featured image
from Coinpedia, chart from Tradingview.com
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