As the key pieces start to fall into place, XRP is allowed now in a position where things are going well for its future price trajectory. While XRP enthusiasts are still amazed Ripple’s recent victory in courta crypto analyst has dropped a bullish XRP price prediction for investors to look forward to. According to analyst Jaydee, XRP is poised to soar into new price territory.
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Analyst predicts an XRP rally to $7.5
According to a recent price prediction from crypto analyst Jaydee, XRP trading days below $1 could end very soon. The analyst made this known while sharing an ultra bullish forecast on social media platform This trendline closing could signal the start of a massive bull run.
Interestingly enough, Jaydee’s technical analysis is based on a non-logarithmic price scale for XRP and a previous event. Despite price swings over the past six years, XRP has largely traded in a declining channel since its record peak of $3.40 in 2017.
The upper resistance line has reached around $1.90, while the lower support line has remained above $0.14 throughout the multi-year bear market. However, recent price action indicates that the entire six-year downtrend is now moving towards a top. The contraction range leaves less and less room for XRP to fluctuate between resistance and support.
XRP Set for a Breakout
As Jaydee noted, this only suggests that XRP is on its way to a breakout to the upside. Furthermore, the analyst indicated a price target of $7.5 when XRP finally rises. Since XRP is currently trading at $0.4873, this price target represents an upside of 1.430%.
While that may sound bizarre, the analyst points to a similar price cycle between 2013 and 2017 to justify such an explosive move. Notably, a similar breakout of a five-year descending triangle pattern saw XRP rise over 600x and peak at $3.4.
Jaydee also noted that “dumb money” traders will ultimately be left behind during the surge. “We will make sure we make a profit on stupid money! It will be a FUN but VERY sad cycle for most,” the analyst said said.
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Whether XRP can replicate these blistering gains remains to be seen. Despite his excessive bullishness, Jaydee responded affirmatively to a comment mentioning that this cycle could be different from the 2017-2021 cycle. Looking at the XRP chart, some key resistance zones are around $0.54, $0.63, and $0.8.
Featured image from Adobe Stock, chart from TradingView