Symmetrical Triangle Confirms XRP’s Bullish Momentum
A crypto analyst named Jaydee recently pointed out a notable pattern on the XRP price chart. According to Jaydee, a symmetrical triangle has formed, which suggests that a parabolic move is on the horizon for the crypto token. This pattern has previously triggered a significant increase in XRP’s price, as seen in 2017 when the token experienced a 600x surge.
XRP Price Could Reach New Highs
Jaydee shared a chart that indicates the Moving Average Convergence Divergence (MACD) crossing above zero in the coming months. This crossover is expected to trigger a parabolic move, similar to what happened in 2017. Another crypto analyst named Egrag Crypto has also provided insights into how high XRP could rise if this historical price movement is replicated. He believes that XRP hitting $27 is a plausible target.
Monthly Close Above $0.5 Expected
Currently, XRP is struggling to stay above the $0.50 support level. However, Egrag Crypto does not anticipate the price dropping below this level before the month ends. He believes that XRP is destined to never close below $0.50 monthly and considers any downside wicking as a generational buying opportunity.
Wave 3 and New All-Time High
Egrag Crypto suggests that there may be a wicking event to $0.41 before an exciting Wave 3 occurs. This wave is expected to lead to the next short-term target of $5, which would be a new all-time high for XRP. Egrag Crypto previously predicted that XRP would reach $5 within 90 days, with April being the likely timeframe for this to happen.
XRP’s Current Price
At the time of writing, XRP is trading at around $0.50, showing a 5% decrease in the last 24 hours.
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