XRP 6-Year Trendline Draws To A Close, Analyst Predicts 1,400% Rally To $7.5
June 23 2024 - 8:30AM
NEWSBTC
As the major pieces begin to fall into place, XRP may now be in a
position where things are going well for its future price
trajectory. While XRP enthusiasts are still reeling in amazement
over Ripple’s recent win in court, a crypto analyst has dropped a
bullish XRP price prediction that investors can look forward to.
According to the analyst known as Jaydee, XRP is getting close to
skyrocketing into new price territories. Related Reading: Follow
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Predicts XRP Rally To $7.5 XRP days of trading less than $1 may be
ending very soon, according to a recent price prediction by crypto
analyst Jaydee. The analyst made this known while sharing an ultra
bullish prediction on social media platform X. According to the
XRP/USD bi-weekly price chart shared by the analyst, a six-year
trendline is finally drawing to a close. This trendline closure
could signal the start of a massive bull run. Interestingly,
Jaydee’s technical analysis is based on a non-logarithmic price
scale for XRP and a previous occurrence. Despite the price swings
in the past six years, XRP has broadly traded within a descending
channel since its record peak of $3.40 in 2017. The upper
resistance line has capped upside around $1.90, while the lower
support line has held above $0.14 during the multi-year bear
market. However, recent price action suggests the entire 6-year
downtrend is now wedging towards an apex. The contracting range is
leaving less and less room for XRP to fluctuate between resistance
and support. XRP Set For A Breakout As pointed out by Jaydee, this
only suggests XRP is set for a breakout to the upside. Furthermore,
the analyst indicated a price target of $7.5 when XRP finally
surges. With XRP currently trading at $0.4873, this price target
represents an increase of 1,430%. While that may sound outlandish,
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 saw XRP surge over 600x to
peak at $3.4. Jaydee also noted “dumb money” traders will
eventually be left behind during the surge. “We will make sure to
take PROFITS on Dumb Money! It will be a FUN but VERY SAD cycle for
most,” the analyst said. Related Reading: Don’t Miss The Floki
FOMO: Social Media Sends Meme Coin On 300% Rip Whether XRP can
replicate those blistering gains remains to be seen. Despite his
outrageous bullishness, Jaydee did reply affirmatively to a comment
mentioning that this cycle could be different from the 2017-2021
cycle. Looking at XRP’s chart, some key resistance zones to watch
are around $0.54, $0.63, and $0.8. Featured image from Adobe
Stock, chart from TradingView
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