XRP Price Forecast: Analyst Predicts 480% Surge to $3.8 as Token Breaks Out of Triangle Formation

XRP Price Forecast: Analyst Predicts 480% Surge to $3.8 as Token Breaks Out of Triangle Formation

XRP Price Could Surge 480% to $3.8

A digital currency analyst recently proposed that XRP, the native token of the XRP Ledger, may soon experience a substantial 480% surge to $3.8, hitting its 2018 record-breaking peak. According to JD, XRP went through a correction after a fake filing for an iShares spot XRP ETF, but the correction failed to break XRP out of its current range. The XRP price broken out of a triangle pattern.

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Symmetrical Triangle Formed in Technical Analysis

Analysts are keeping in mind that a symmetrical triangle pattern has formed, indicating a probable upward breakout. Symmetrical triangles typically suggest that the price will continue in the same direction as before the triangle formed. Based on historical data, XRP has mainly not been profitable in November in the previous five years, except in 2020.

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Tony “The Bull” pointed out that the last time XRP formed a specific candlestick pattern, its value surged 900% in a single candle. If XRP comes after a similar trajectory after forming the same candlestick setup in late 2017, it might rally a total of 1,600%, reaching around $11 from its current $0.638 level.

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Hot Take: Analysts Anticipate Substantial XRP Surge After Symmetrical Triangle Formation

As the price of XRP broke out of a triangle pattern and began making higher highs and higher lows, analysts are predicting a probable surge of over 480% to hit $3.8. The symmetrical triangle pattern formed in technical analysis is signaling that the price may escalate, leaving investors hopeful for further growth.

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