CryptoBull (@CryptoBull2020), a prominent cryptocurrency analyst, recently highlighted the potential for a significant upward move in XRP’s price.
A chart shared by the analyst on X illustrates XRP’s current consolidation phase. It shows a bullish pattern that often precedes a breakout.
The chart captures XRP trading in a descending triangle pattern following its substantial rally in November that sent it to its highest level since 2018. CryptoBull suggests that “the longer the consolidation, the stronger the move up,” implying that the asset’s price could surge soon.
This aligns with the historical behavior of cryptocurrencies, where extended consolidation phases often result in explosive moves. The chart also showed how two brief consolidation periods helped XRP reach this peak of $2.86, and the extended consolidation following that could lead to a much larger price increase.
#XRP will go up soon. The longer the consolidation, the stronger the move up
pic.twitter.com/OcClBNdqrL
— CryptoBull (@CryptoBull2020) December 26, 2024
Potential Targets for XRP
CryptoBull has been optimistic about XRP’s trajectory in the past. In a recent analysis, he projected that XRP could reach a new all-time high within two weeks. That analysis also emphasized that the ongoing consolidation phase is critical, serving as a foundation for the asset’s next upward move.
CryptoBull noted that the digital asset has reached its bottom for the current run, and showed a similar consolidation triangle that would cause the surge in under two weeks.
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Further, CryptoBull has outlined a potential path for XRP to hit $6. He argues that XRP is completing a correctional pattern, which could set the stage for a sharp price increase. The analyst has previously pointed to XRP’s ability to sustain support levels during market volatility as evidence of its long-term bullish potential.
Key Technical Levels and XRP’s Future
Based on the shared chart, XRP’s immediate resistance lies near the $2.9 mark, with significant support at the $2 level. A breakout above the triangle’s resistance line could validate CryptoBull’s predictions, potentially driving the price to new heights.
CryptoBull’s analysis has sparked interest among XRP investors and traders. His confidence in XRP’s performance is rooted in technical analysis and historical market trends, and many other analysts support the bullish outlook for the digital asset’s immediate future.
The digital asset is trading at $2.17, after a minor increase of under 1% in the past 24 hours. However, it might not be here for long, as one analyst recently reiterated a target of $27 with a detailed path to this lofty target.
Disclaimer: This content is meant to inform and should not be considered financial advice. The views expressed in this article may include the author’s personal opinions and do not represent Times Tabloid’s opinion. Readers are urged to do in-depth research before making any investment decisions. Any action taken by the reader is strictly at their own risk. Times Tabloid is not responsible for any financial losses.
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