Ripple (XRP) has lost value in the last month, dropping by 5.61%. However, its market capitalization has gone up by 1.23%, and more people have been buying it lately, with a 13.54% increase in trading over the past day.
Crypto expert “@CryptoBull” told his 144,000 followers today that XRP’s price might explode to $227 during the next bull run.
This forecast is based on a pattern in the token’s price chart, it looks like what was seen the last time XRP’s had a big price surge.
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XRP Chart Analysis: Symmetrical Triangle Suggests a Breakout
The crypto expert’s chart proposes a symmetrical triangle. This popular pattern is known for indicating when a breakout is near. This token’s price was moving within the $0.05 and $0.34 range, which formed a triangle on the charts over the past month.
The Twitter analyst believes that XRP could drift from this trend in 2024, much like it did in 2017.
The token followed a similar pattern in 2017, and its price jumped from $0.05 to $3.84 during a massive bull market run.
CryptoBull suggests that if the same pattern comes into play again, XRP’s price could explode this time around.
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Show more +Can XRP’s Price hit $227?
CryptoBull’s projection sets a target price of $227 based on the pattern and historical movements. This forecast rests on the notion that XRP will explode as it did in 2017, when its price saw a major pump.
In the meantime, if XRP’s price keeps going in the same direction, it could beat its previous record of $3.84 and possibly reach $227.
Finally, XRP’s price movement of late indicates that a gain is imminent, but the outcome relies on the general market performance. Factors such as market sentiment, adoption of XRP, and regulatory developments could influence whether XRP can hit this target.
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