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XRP is attracting attention due to its bullish technical indicators and strong market performance. Crypto analyst JavonTM believes XRP could surpass its previous all-time high of $3.30. This would represent a 300% gain from current levels. This prediction is based on long-term technical patterns and increasing trading activity, which suggest a potential breakout.
Technical analysis reveals a descending triangle pattern in XRP’s price action over 221 bars (approximately 2,660 days). This extended consolidation phase resembles a smaller triangle pattern observed earlier in XRP’s price history.
The smaller triangle, which lasted 102 bars, concluded with a sharp breakout, suggesting the potential for a similar upward trend in the larger formation.
A “fake breakdown” occurred near the end of the current pattern, indicating a shakeout in the market. This often precedes a price reversal. JavonTM points to a green arrow on the chart, symbolizing an optimistic price target as XRP appears ready for a strong upward move.
Historical Patterns Suggest a Colossal Move
The similarities between XRP’s current pattern and its 2017-2018 price surge are striking. During that period, XRP experienced significant gains. JavonTM notes that the current, larger triangle pattern could lead to an even more substantial breakout.
Based on logarithmic projections, a long-term price target of over $200 has been proposed, assuming XRP maintains its bullish momentum.
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Market Metrics Reflect Growing Momentum
XRP’s recent performance supports its bullish outlook. As of today, the crypto asset has surged by 15.18% in price, standing at $0.8275, recording a trading volume of $11.71 billion. XRP’s market cap has also increased by 15.31% to $47.08 billion, strengthening its position among the top crypto assets.
Technical indicators also point to positive momentum. The MACD shows a bullish crossover, with the MACD line above the signal line.
Meanwhile, the RSI stands at 62.5, below the oversold level of 70, signaling room for further upward movement while cautioning against possible resistance.
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