A popular cryptocurrency analyst, CoinKid, has recently made an intriguing prediction regarding the native token of the XRP Ledger, $XRP. According to the analyst’s analysis of the cryptocurrency’s six-month chart, an ascending triangle pattern has emerged, pointing towards a potential 430.6% price increase that could see XRP rallying to $3.74.
For those unfamiliar with an ascending triangle, it is a chart pattern often used by technical analysts to forecast price movements. This pattern consists of a horizontal line connecting the price’s high points and a rising line connecting the low points, forming a triangle shape. It serves as a signal for possible price breakouts, either upward or downward.
Notably, ascending triangles are generally seen as continuation patterns, indicating that the price is likely to continue in the same direction as the trend preceding the triangle’s formation.
CoinKid interpreted the triangle pattern as a bullish signal for XRP, particularly capitalizing on a recent ruling where a federal judge determined that XRP might not be classified as a security. This favorable ruling could potentially bolster XRP’s surge.
Furthermore, the analyst highlighted the presence of a potential double bottom on the six-month chart, further strengthening the bullish case for XRP. A double-bottom pattern often signifies a bullish reversal, suggesting that XRP might have found solid support, paving the way for an upward trend.
According to the price prediction, XRP is expected to initially jump to $0.827, but the analyst envisions a more substantial surge well into 2025, with the cryptocurrency reaching $3.74. However, this analysis has received mixed reactions from the XRP community.
Recent trends in the cryptocurrency market have shown institutional investors increasingly favoring altcoins over the past week, with XRP and Cardano ($ADA) attracting significant inflows. Funds investing in XRP, Cardano, and Solana ($SOL) have witnessed substantial investments, while Ethereum-focused funds experienced outflows.
While the prediction is promising, it’s important to remember that the cryptocurrency market is highly volatile and subject to various factors that can influence price movements. Investors should approach such predictions with caution and conduct thorough research before making any financial decisions. As always, the market’s unpredictable nature requires a cautious and informed approach.