XRP Analyst Bullish on Price
A cryptocurrency analyst has recently advised that XRP price dips can be seen as “buying opportunities” as long as the cryptocurrency remains within a specific symmetrical triangle pattern. This analyst believes the cryptocurrency will surge to $22 based on their projection.
Analyst Predicts XRP Price Movement
As per a post on X by cryptocurrency analyst EGRAG Crypto, they see the price of XRP moving upward to $22.38 in the near future. A symmetrical triangle pattern formed in 2017 suggests a potential bull run if XRP breaks the pattern with an upward movement.
Possible Future Paths for XRP
EGRAG Crypto suggests two future paths for XRP illustrated by green and blue lines on a chart. It indicates that the cryptocurrency’s next move could either follow a drop from the $0.59 mark in early 2024 or continue its upward trajectory.
XRP Projected Paths and Potential Highs
EGRAG Crypto’s analysis states that if XRP maintains its upward momentum into early 2024, it is expected to take the blue path, aiming for a peak of $6.41. Alternatively, a decline could set the cryptocurrency on a path to a remarkable recovery, leading to a potential high of $22.
XRP Ownership Patterns and Developments
XRP token holders have been accumulating the cryptocurrency to the point where they now control 67.2% of the circulating supply, the largest amount since December 31, 2022. Furthermore, the XRP Ledger has had a new automated market maker (AMM) trading platform approved, allowing $XRP token holders to earn income on-chain.
Hot Take: Conclusion
Analysts have forecasted an upward movement for XRP based on a symmetrical triangle pattern, predicting potential highs in the near future. However, the current distribution of XRP token ownership and recent price declines due to a cryptocurrency theft have raised concerns over the cryptocurrency’s future development and stability.
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