XRP Network is set to continue its upward trend.
A notable analysts in the industry insists that XRP Network is ready to resume its surge run.
Additionally, He predicts the XRP Network could hit new all-time highs breaking off the $1.17 resistance barrier.
XRP Network Ready For New All-Time Highs
The 40-year trading veteran Peter Brandt XRP’s price prediction is based on a multi-year head-and-shoulders pattern. Which has formed on its weekly chart.
“This is potentially a constructive long-term chart.” Peter Brandt September 15, 2021
In March, The sixth-largest cryptocurrency by market cap hit a massive 230% profit. Recording its breakout of the consolidation pattern. Then, XRP retraced to the head-and-shoulders’ neckline at $0.61 to shake off “weak hands.”
However, Prices is back above the $1.00 psychological level since Jul. 20. This is where the asset is currently consolidating.
Meanwhile, The Fibonacci retracement indicator shows that XRP Network is currently stuck in a tight corner. The 61.8% Fibonacci retracement level at $1.17 is acting as resistance. Meanwhile, the 50% retracement level at $1.00 is containing prices from a steep fall.
However, XRP could enter a new uptrend in order meet the target of the head-and-shoulders pattern at $3.42.
Building Network Activity
About 6,700 addresses are currently interacting with the network, showing a 394% jump from last week.
This will cause the price rises due to the increase in number of active wallets. Conclusively, Once it escapes resistance, it will towards a new all-time highs. However, if it loses the waiting support barrier, it will correct to $0.85 or even $0.70.