XRP to Soar to $20 After Bull Pennant Pattern Spotted, Analyst Predicts
The latest analyses show that XRP’s price is struggling at crucial support levels amidst the recent market correction. While the broader market is trying to maintain its bullish momentum, XRP faces additional challenges due to the U.S. SEC’s appeal notice in the Ripple lawsuit.
Overview of the Analyst
One notable observation is the formation of a 7-year bullish pennant for XRP. Market analyst Armando Pantoja highlighted this unprecedented pattern, indicating that XRP has been consolidating within this triangle since its peak in early 2018. The volume profile suggests cautious trading, with XRP’s price movement becoming increasingly tight over time. Pantoja believes that this prolonged bullish pennant could signal a significant upward price movement as XRP approaches the tip of the pennant, potentially leading to a breakout.
Other Analyst Prediction
Another analyst, Mikybull, discussed XRP’s price potential based on a longer-term 2-month chart, identifying a parallel channel formation. The middle line of the channel has been a key support level, with XRP bouncing back from it and nearing a potential breakout. Mikybull pointed to historical highs, indicating that XRP may be aligning with a pattern that could drive a substantial price increase. The Bollinger Bands on the chart show that XRP is approaching a squeeze, setting the stage for a sharp move. Despite market pessimism, Mikybull is confident in a bullish outcome, suggesting that XRP could rise to $10-$20.
Additionally, technical indicators such as the William %R suggest that XRP is at a point in its cycle similar to previous major rallies, indicating the potential for a remarkable price surge.
Price Action
Currently, XRP is trading at $0.5402, reflecting a 1.89% increase over the past 24 hours. This rebound follows a drop to the $0.52 region after the SEC’s appeal notice, with bulls regaining moderate control as the price stabilized at this level.
Read Also: Price Prediction: Expert Trader Forecast When XRP Will Surge 2x to 5x
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Cryptolifedigital is a cryptocurrency blogger and analyst known for providing insightful analysis and commentary on the ever-changing digital currency landscape. With a keen eye for market trends and a deep understanding of blockchain technology, Cryptolifedigital helps readers navigate the complexities of the crypto world, making informed investment decisions. Whether you’re a seasoned investor or just starting out, Cryptolifedigital’s analysis offers valuable insights into the world of cryptocurrency.
