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Technical analyst Charting Guy has asserted that investors in XRP and its mate Stellar (XLM) will soon wear melting faces as he has spotted a potential $13 movement.
In a recent post on X, Charting Guy acknowledged that XRP and XLM have been in consolidation phases for six years with hardly sustained bullish rallies. The discouraging trajectory has led some market participants to write these assets off as dead coins.
Meanwhile, Charting Guy noted that based on his specialized knowledge of crypto market charts, he cares less about prevailing market sentiments surrounding a coin. Instead, he focuses on technical suggestions.
He emphasized his confidence in identifying potential opportunities regardless of prevailing perceptions about a coin’s viability, stating:
“The charts tell the story.”
$XRP & $XLM will melt faces very soon.
2 coins that have traded sideways or as some say, “done nothing” for 6 years..
most people write them off as dead coins.
but, as a technical analyst, i don’t care too much about narratives or sentiment.
the charts tells the story. 🧵
— Charting Guy (@ChartingGuy) March 27, 2024
XRP and XLM Set for $10 to $13 Range
In his analysis, Charting Guy pointed out that XRP and XLM have ranged with higher lows and lower highs, forming a symmetrical triangle pattern. The analyst stressed that the observed formation in both assets is among the largest he has encountered, noting their breaking points are near.
For XRP, his break-out target lies within the $10 to $13 threshold. This range implies the analyst is expecting up to a 2,000% gain for XRP soon.
$XRP symmetrical triangle target casually aligns with the top of this channel.
targeting $10 – $13.
probably nothing.. pic.twitter.com/5V2CFjlXAt
— Charting Guy (@ChartingGuy) March 27, 2024
With XRP and XLM showing a remarkable correlation in price performances, he noted that a similar $13 target for XLM is feasible.
Notably, other prominent market observers have similarly issued a $13 target for XRP. The prevailing factor has been the formed symmetrical triangle pattern and its explosive breakout potential.
$38 for XRP by Next Decade
Meanwhile, Charting Guy’s more ambitious outlook for a successful breakout is $38. However, he noted that the $38 projection may not materialize this bull cycle. Yet, he is confident of a three-digit value within the next decade.
In addition to his chart analysis, Charting Guy’s three-digit outlook for XRP and XLM is rooted in their role within the emerging financial landscape they champion. In particular, he cited Central Bank Digital Currencies (CBDCs).
He underscored the massive scale of disruption these assets are poised to bring to financial systems, which currently operate in the quadrillions of dollars.
Moreover, Charting Guy revealed that XRP and XLM comprise his most significant investment positions. He noted that this decision was solely based on the compelling bullish insights derived from chart analysis.