Amid the general decline surrounding the entire cryptocurrency market, XRP is seen as one of the most affected tokens, with the price quickly falling to $0.51.
Potential price increase for XRP
The price of XRP has been witnessing a significant bearish trend for quite some time now. This has led to various speculations from the market analysts about the future of the token.
However, a well-known crypto analyst, XForceGlobal, has predicted a rally for XRP that could take the asset to the crucial price of $11. The analyst contacted the social media platform X (formerly Twitter). part his bold projections with the crypto community.
In its macro analysis, XForceGlobal found that XRP has been forming a symmetrical triangle since 2021. He mentioned a triangle scenario as the main focus of his prediction.
This symmetrical triangle was formed as a result of the upper falling trendline and the lower rising trendline. According to data from the expert’s weekly chart, after XRP fell to a low of $0.1013 in March 2020, the token created the lower ascending trendline of the triangle.
However, it wasn’t until assets fell from $1.96 in April 2021 that the upper descending trendline formed. Since then, XRP has not been able to break above or below the triangle.
XForceGlobal predicts that as XRP approaches the peak of the triangle, it will initially drop further to retest the lower trendline. After that, the expert predicts a significant rebound that will lead to a rising breakout.
Furthermore, he claims that the larger triangles’ ability to withstand three years of data is the largest accumulation of any token.
XForceGlobal stated:
The larger triangle scenario now has solid three years of data, making it the largest accumulation of any currency without a major bottoming out at the time of writing.
With its analysis, XForceGlobal has formulated its “conservative”. price” for the asset between “$9 and $11” in case the breakout occurs. “I would be conservative with my targets for the next few years at around $9-$11 if the triangle scenario plays out,” he stated.
The crypto asset has had a massive slump
Another crypto analyst, Crypto Rover, has taken to X to share the effects of the decline that XRP has seen. He underlined that the decline has seen a “huge slump” since the second quarter of 2021.
Rover shared a graph of its digital assets to further highlight its analysis. As Rover saw, XRP fell from a Highlight from approximately $1.82 in mid-April 2021 to the current price of $0.51.
Since then, the token appears to be trading in a symmetrical triangle. If the price breaks through the base of the triangle, a further decline could occur if not controlled.
At the time of writing, XRP was trading at $0.5125, showing a decline of 6.10% over the past week. According to CoinMarketCap, the market capitalization increased by 0.38%, while trading volume fell by more than 3%.
Featured image from Shutterstock, chart from Tradingview.com
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