Ripple Analyst Predicts When XRP Will Spike 70%; Only One Thing Can Restrain This ‘Strong Growth’
According to RLinda, a crypto analyst on the trading platform TradingView, XRP is poised for a significant price increase of 50-70% in the near future. Currently trading at around $0.54, the digital asset is forming a bullish technical pattern known as a “false break of support.”
In technical analysis, a false break occurs when an asset’s price briefly falls below a support level but quickly recovers, often indicating underlying strength and potential for an upward move. RLinda notes that XRP is consolidating above a key support zone, with the goal of continuing its growth trajectory.
“XRPUSDT is forming a technical false break of support, in the long term consolidation above the zone should be formed with the purpose of continuation of growth, the potential of which can be opened by 50-70%,” the analyst stated.
The analyst further explains that on the weekly chart, XRP’s price is squeezed within a triangular pattern, suggesting that another attempt to retest the resistance zone is underway. However, the ongoing legal battle between Ripple and the U.S. Securities and Exchange Commission (SEC) is currently restraining XRP’s “strong growth” potential.
Ripple, the company behind XRP, recently announced its willingness to pay a $10 million fine instead of the initially proposed $2 billion penalty, while two prominent lawyers have resigned from the SEC. According to RLinda, if the legal nuances are resolved soon, a new bullish cycle will commence for XRP, allowing Ripple to “conquer new peaks.”
The analyst identifies key support levels at $0.5000 and $0.4226, with resistance levels at $0.6431, $0.7325, and $0.8547. A price consolidation above the $0.500 area and a breakout above $0.73 could unleash XRP’s upside potential, as outlined in the analysis.
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Show more +It’s important to note that while technical analysis can provide valuable insights, it should not be the sole factor in investment decisions.
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