XRP Price Could Surge 480% to $3.8
A cryptocurrency analyst recently proposed that XRP, the native token of the XRP Ledger, may soon experience a massive 480% surge to $3.8, hitting its 2018 all-time high. 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.
Symmetrical Triangle Formed in Technical Analysis
Analysts are noting that a symmetrical triangle pattern has formed, indicating a potential 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 over the past five years, except in 2020.
Traders Anticipating God Candlesoon
Tony “The Bull” noted that the last time XRP formed a specific candlestick pattern, its price surged 900% in a single candle. If XRP follows a similar trajectory after forming the same candlestick setup in late 2017, it could rally a total of 1,600%, reaching around $11 from its current $0.638 level.
Hot Take: Analysts Anticipate Massive 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 potential 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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