The XRP price is trading around the psychological barrier of $0.60 after breaking through earlier this week. XRP in particular has shown interesting price action amid broader market uncertainty, although many cryptocurrencies are starting to turn positive. While some market participants are still bearish on XRPothers are looking forward to a very bullish price procedure.
A crypto analyst has revealed a technical analysis of XRP that many bullish proponents can agree with. According to the analyst, XRP will rise to $32 in the coming months.
XRP Price Surge of Epic Proportions
Despite the broader volatility, many cryptocurrencies have started showing signs of recovery, where XRP is also a point of attention. The XRP analysis in question was posted via the social media platform X by Tylie Eric. This analysis was accompanied by an XRP/US Dollar price chart on the 1D candlestick timeframe. As such, the price chart shows XRP’s price action as early as late 2020. Central to the analysis is the display of a symmetrical triangle pattern, which has been gradually forming since early 2021, when XRP reached a peak trading value of $1.96.
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Over the years, XRP has shown a series of lower highs and higher lows, which have gradually tightened into a narrower trading range. This pattern is often seen by technical analysts as a sign of a possible breakout, with the price potentially moving significantly in either direction once a breakout occurs.
WELCOME TO MONDAY.
I am a visual individual. Let this graph reignite the spark. pic.twitter.com/xZXe4cpou1— Tylie E (@TylieEric) August 19, 2024
Recent price action now places the XRP price trading at the upper trendline of the triangular pattern. A breakout to the upside would strengthen a bullish rally for the cryptocurrency. According to the price target quoted by Tyler, this breakout could initially see XRP rise to its current all-time high of $3.5 before resistance emerges.
However, the sheer nature of the bullish breakout would see XRP quickly clear this resistance and rise to $32. His timeline for this event is between now and the end of the year. This projection, if realized, would represent a significant increase of 5,230% from the current price of XRP.
What’s next for XRP?
Market sentiment around XRP is mixed at the moment. Tylie Eric’s prediction is particularly bold, predicting that the XRP price could rise to $32 by the end of the year. While increases of such proportions are not new for the crypto XRP, the likelihood of such an increase in However, XRP has seen it several other bullish predictions of a similar nature in recent weeks, especially in the reason for the conclusion of the Ripple-SEC lawsuit.
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On the other hand, part of the market remains bearish on XRP. One analyst recently went so far as to call XRP the “biggest scam in crypto.” At the time of writing, XRP is trading at $0.6008 and has only gained 1.29% in a 30-day time frame.
Featured image created with Dall.E, chart from Tradingview.com