Analyst Predicts 'User-Friendly' Ripple's XRP Token Has an 'Easy' 3-4x Target – Here's Why
- Mary-Kate OlsenOriginal
- 2024-09-30 06:00:20363browse
An analysis shared by World Of Charts points to an optimistic future for XRP, with a potential 4x price surge in the midterm. According to the analyst, XRP is currently in a consolidation phase, a pattern that has historically preceded major bull runs for the crypto.
World Of Charts shared an analysis on XRP, highlighting its potential for a 3-4x return in the mid-term. The analysis points to XRP’s historical bull runs, each preceded by a consolidation phase.
The chart shows XRP’s two major bull runs, marked by a breakout from consolidation. In 2017, XRP surged 36,406.60%, and later, from late 2020 to early 2021, it rose by 838.59%.
Both times, XRP displayed a similar consolidation trend, setting a precedent for possible future price movements. From early 2021, XRP has been consolidating again, forming a symmetrical triangle.
This pattern, characterized by converging price ranges, typically precedes a breakout. The technical setup aligns with previous cycles where XRP saw massive gains following prolonged consolidation.
World Of Charts also noted XRP’s strong community support and user-friendly nature, which could sustain a bullish move. The tweet states that XRP is on the verge of another breakout.
Historically, these consolidation phases have led to substantial price increases, and the analysis suggests that this trend could continue, making a 3-4x return an “easy target” for XRP in the mid-term.
Based on the historical patterns, the analysis projects that XRP could achieve a 394% increase, which would put the price around $3.70, if it breaks out from its current consolidation zone.
The chart highlights these consolidation zones, indicating a high probability of another bullish run for XRP. Community anticipation and technical analysis support the case for a potential breakout.
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