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Cryptocurrency News Articles
This Pattern Indicates XRP Price Will Rally to $227
Sep 11, 2024 at 03:30 am
Ripple (XRP) has lost value in the last month, dropping by 5.61%. However, its market capitalization has gone up by 1.23%, and more people have been buying it lately
Ripple (XRP) has seen a decline in value over the past month, with a loss of 5.61%. But despite this, the token has seen a rise in market capitalization by 1.23%, and trading volume has also increased significantly, with a 13.54% uptick in the past day.
This development comes as one crypto expert, known as “@CryptoBull,” shared an analysis with their 144,000 followers on Monday, suggesting that XRP’s price could potentially reach $227 during the next bull run.
The analysis is based on a pattern observed in the token’s price chart, which they believe resembles the formation seen during XRP's last major price surge.
Moreover, the chart proposes a symmetrical triangle, a well-known pattern that indicates an impending breakout. According to the analysis, the token’s price has been moving within the $0.05 and $0.34 range, forming a triangle on the charts over the past month.
The Twitter analyst suggests that XRP could deviate from this trend in 2024, continuing a pattern observed in 2017.
During 2017, the token followed a similar pattern and saw a massive surge in price, rising from $0.05 to $3.84 during a major bull market run.
According to CryptoBull, if the same pattern were to repeat, XRP’s price could explode this time around.
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Analysis Suggests XRP Price Could Rally to $227
Based on the pattern and historical movements, CryptoBull’s projection sets a target price of $227. This forecast is linked to the idea that XRP will explode in a manner similar to 2017, when the token experienced a significant price pump.
Meanwhile, if XRP’s price continues on the same trajectory, it could surpass its previous record of $3.84 and potentially reach the $227 mark.
Ultimately, XRP’s price action of late suggests a gain is on the horizon, but the outcome depends on the overall market performance. Factors like market sentiment, adoption of XRP, and regulatory developments could impact whether XRP can hit this target.
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