Ripple Faces Resistance at Symmetrical Trendline, but Analyst Forecasts 2,000% Run for XRP: Here’s Why
XRP, the native cryptocurrency of the Ripple network, has been experiencing a mix of bullish and bearish signals in recent days. While some analysts remain optimistic about the token’s future prospects, others are cautioning that XRP may not be entirely out of the woods just yet.
What you'll learn 👉
Rejection at Symmetrical Trendline
Analyst Maximus Prime has noted that XRP recently faced rejection at the symmetrical trendline, a key level of resistance. For the bulls to regain control, XRP needs to fight its way back into the trendline and establish support above it. The 2-week chart presents a bearish outlook, while the daily chart clearly shows the rejection off the trendline.
However, Maximus Prime also points out that the 10 SMA (Simple Moving Average) and 8 EMA (Exponential Moving Average) are crossing above the 20 SMA on the daily chart, indicating that the bulls are making an effort.
A green daily close could be the catalyst needed for XRP to push higher. The analyst suspects that some choppy price action or a pullback may occur before the token can continue its upward trajectory.
Bullish Trajectory and Pivotal Targets
EGRAG Crypto, another analyst, has highlighted the inclining steps to the upside on the XRP chart, even for those who may not be well-versed in technical analysis.
This bullish pattern suggests a solid trajectory for the token, with the next pivotal target set at $0.75. EGRAG Crypto encourages the XRP Army to remain steady, emphasizing that their time will come. The analyst also expresses a desire for other bag holdings to pump before XRP, allowing for a full rotation into XRP for the grand finale.
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Show more +Potential for a Bullish Breakout
Analyst JAVON MARKS has identified XRP as nearing a major converging point, with the RSI (Relative Strength Index) pattern indicating underlying momentum in prices. This setup suggests that a bullish breakout is likely.
JAVON MARKS presents a conservative target of $15-$20 for a breakout and logarithmic follow-through, which could result in a 20x to 36x return from current levels, equivalent to a more than 2,000% run.
The signs for bullishness are present, and the analyst believes that only time may be standing in the way of XRP showcasing its potential.
While the rejection at the symmetrical trendline has raised concerns, the bulls’ efforts to regain control and the potential for a bullish breakout keep the XRP community optimistic.
Read more: Top Analyst Says DOT Price Target is ‘Likely’ $18 Amid Polkadot 2.0 Release and These Catalysts
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