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With XRP consolidating around the $0.6 level for the most part of the year, top analyst BlockchainedBB speculates on the possibility of the asset experiencing a notable price surge this week.
XRP has not benefited much from the Bitcoin-led rally witnessed across the broader crypto market. The coin has traded around the $0.6 price level for most part of the year.
Although XRP managed to break out from the $0.6 resistance when it surged to $0.74 on March 11, this momentum was short-lived as the asset plunged back to the $0.6 level.
Growing Speculations About XRP Potential Rally
Following XRP’s consolidation around $0.6, there are speculations that it could embark on a jaw-dropping rally and give investors massive gains.
Amid the growing speculation, famous market watcher BlockchainedBB quizzed her 172,300 followers about whether they think XRP’s chart could print a “giant green candle” this week.
Interestingly, most XRP holders believe that the coin could achieve this feat, with some enthusiasts setting its short-term target at $0.9 – $1. BlockchainedBB believes that XRP could reach $4 to $5 in long term while can get $1 easily in short term with a big candle.
I can see $4-5 in this bull run, with short term a big candle to $0.9-$1
— Coinstare (@coinstare) April 8, 2024
While most investors expect the coin’s chart to print a giant green candle soon, BlockchainedBB acknowledged the uncertainty inherent in the crypto market by urging proponents to “wait and watch.”
BlockchainedBB to Take Early Position in XRP
In the meantime, the analyst seems optimistic about a potential rally for XRP, as they highlighted the coin among the crypto assets they intend to trade this week. Interestingly, XRP topped the list, followed by XLM, DOGE, SHIB, RATS, STX, and API3.
These are the tokens on my radar to trade this week
✔️ $XRP
✔️ $XLM
✔️ $DOGE
✔️ $SHIB
✔️ $RATS
✔️ $STX
✔️ $API3— Blockchainedbb (@blockchainedbb) April 8, 2024
BlockchainedBB’s speculation about XRP comes on the heels of a 2% rally over the past 24 hours to $0.6088. On the daily chart, XRP’s price has soared from a 24-hour low of $0.5895 to a high of $0.6102.
Favorable XRP Predictions
Notably, several analysts have projected that XRP could break out from its multi-year symmetrical triangle, which could take its price to unprecedented levels.
Top market watcher World of Charts shared this sentiment last month, projecting that a successful breakout from this symmetrical triangle could pave the way for a 360.63% rally to $2.3719.
In the same month, popular crypto analyst JD also asserted that XRP was breaking out from a six-year triangle that could result in an upward movement toward the $3.5 mark.
XRP’s attempts to break out from the resistance within the $0.6 region of the multi-year triangle have ended in futility on several occasions. This is mainly due to the volatility across the broader crypto market and developments in the ongoing legal tussle between the SEC and Ripple.
As reported earlier, there were speculations that Ripple could dump nearly $2 billion worth of XRP in the market if the court grants the SEC’s remedies request.
Although the SEC seeks remedies totaling nearly $2 billion, there is no guarantee that the court will grant them. Ripple will file its opposition to the SEC’s brief on April 22, and the company is expected to convince the court to trim the commission’s hefty demand.