The recent price movements of XRP have caused a major stir in the crypto market. The cryptocurrency has experienced a significant price surge, breaking out of crucial resistance levels. Driven by its recent bullish momentum, XRP has succeeded in breaking a key bullish pattern, leading a crypto analyst to predict that it could potentially jump 4X to new highs of $2.6.
XRP Price Sets Sights on Midterm Target of $2.3
After experiencing slow growth and bearish momentum in the past few weeks, XRP has sparked renewed confidence among investors with its latest price surge. Over the last seven days, XRP has skyrocketed by 8.93% and is showing signs of more gains in the future.
Crypto Analyst’s Bullish Outlook
This bullish outlook is shared by prominent crypto analyst, Captain Faibik. In a post on X (formerly Twitter) on September 28, Captain Faibik disclosed that XRP has just broken a unique bullish pattern, indicating the potential for a major price rally.
In Faibik’s XRP price chart, a multi-year bullish symmetrical triangle pattern can be seen. This triangle pattern began forming in October 2021 and has extended through to September 2024, with XRP undergoing significant price fluctuations throughout this period.
After experiencing its first substantial price surge in weeks, XRP successfully broke out of this bullish triangle pattern. The extent of XRP’s recent price increase is evident in CoinMarketCap’s data, which indicates that the cryptocurrency has jumped by 4.73% in the last 24 hours.
This significant price increase suggests that XRP may be aiming to push significantly above its previous consolidation levels of around $0.5. As of writing, XRP is trading at $0.64, underscoring a possible rise in investor interest and demand for the cryptocurrency.
By breaking out of this bullish triangle pattern, Faibik believes that XRP could be on track for a massive rally that could push its price by 4X. The analyst has declared that XRP is currently heating up for a massive breakout to mid-term targets at $2.3.
XRP Breaks Critical Trendline
A crypto and Elliott Wave analyst, identified as ‘XForceGlobal’ on X, has highlighted a unique trendline in XRP’s price chart. According to the analyst, XRP has just broken the “multilayer BD trendline,” and may be heading towards a price increase.
Potential for Significant Price Increase
XForceGlobal has suggested that if XRP can maintain a price above this trendline for a few more weeks, it could witness a price increase between $7 to $10. The analyst has expressed confidence in his bullish forecast, indicating that a surge within this range was inevitable if the right conditions were met.
To be more precise, the analyst predicts via a detailed chart that XRP’s price could potentially rise to $8.67, marking a 1,482% increase from its current price of $0.6.
With XRP still holding at $0.64, the cryptocurrency remains a topic of significant interest among investors and analysts alike. The breaking of these critical patterns and trendlines suggests that XRP could be on the brink of a major price rally.
Conclusion
The recent bullish momentum of XRP has instilled renewed confidence in the cryptocurrency market. Analysts predict that this momentum could lead to significant price increases, with potential new highs of $2.6 and beyond. As XRP continues to break critical patterns and trendlines, it remains a cryptocurrency worth watching in the coming weeks and months.
