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Market analyst Linda disclosed that XRP is on the verge of registering an impressive 70% uptrend following a recent false break of a pivotal support level.
XRP recently witnessed one of its most bearish periods in mid-April, when it collapsed by nearly 24% from April 11 to 13. Amid the massive slump, XRP momentarily dropped to $0.4188, its lowest price this year. The last time it saw this value was during a crash last August.
A False Break Below Support
Immediately after XRP slumped to this price, the bulls pushed to record a recovery, bringing it back above the $0.50 price territory the next day amid a 5% intraday gain. Market analyst Linda recently affirmed that XRP recorded a false breakdown below a pivotal support level when it dropped to $0.4188 on April 13.
Notably, the bulls had firmly defended the $0.50 psychological support since last October, effectively hedging against any declines to lower levels throughout Q4 2023 and this year. However, the collapse to $0.4188 marked a massive break below this level, triggering panic across the market.
Nonetheless, Linda remains optimistic of XRP’s bullish trajectory, asserting in her recent analysis that the price would continue to consolidate above the $0.50 support. According to her, this consolidation would eventually lead to a continuation of the growth path.
The analyst expects XRP to record a few days of downward momentum to retest the $0.50 support before an eventual upward push. She further identified a symmetrical triangle that XRP has been trading in since April 2021 on the weekly timeframe, noting that a breach of the resistance at the upper trendline would soon emerge.
XRP Poised for a 70% Upsurge
This breakout could help bolster the upward momentum when it materializes. Should this occur, Linda projects an ultimate 70% growth, essentially setting a target at the $0.85 level, last witnessed in July 2023.
However, to clinch this target, XRP would need to conquer two pivotal resistance levels, $0.6431 and $0.7325. A resurgence of whale accumulation could help the bulls when faced with these roadblocks. Data from Santiment shows that addresses holding between 100,000 and 10 million XRP have continued to increase their holdings over the last week.
The Crypto Basic has also called attention to multiple cases of whale accumulation throughout April, with whales amassing 600 million XRP in the two weeks leading to April 23. Linda ascribed this trend to a buy-the-dip campaign embarked on by these investors, further bolstering buying pressure.
Meanwhile, currently changing hands at $0.4983, XRP must hold above certain pivotal support levels to maintain the consolidation range. The first support, which XRP continues to defend, lies on $0.50. A break below this level would bring the $0.4226 level into play.