Cryptocurrency analysts are huge XRP Price BreakoutThe native token of XRP Ledger (XRPL). XRP’s poor price performanceThe analyst believes that the cryptocurrency could surge up to 42,263% and potentially hit its ambitious price target of $280 during this bullish cycle.
XRP’s $280 Price Increase Roadmap
On X (formerly Twitter) mail On August 22, cryptocurrency analyst Javon Marks said: Optimistic predictions for XRPHighlights the key points where the cryptocurrency is most likely to experience significant upward momentum. I explain by sharing historical price charts. XRP price fluctuations Marks described a unique triangle pattern that formed just before the cryptocurrency’s bullish breakout from 2014 to 2024.
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Based on the data in the chart, the price of XRP is Triangle pattern between 2014 and 2017This was followed by a surge to an all-time high of $3.84 in 2018. Marks confirmed that this triangle pattern reappeared on XRP’s chart from 2018 through 2024.
As a result, the analyst expects XRP to surge by 42,263%, which would potentially push the price higher. Ambitious Goal That’s $262.23. Given XRP’s current price of $0.59, this expected 42,263% increase would push the cryptocurrency’s price to around $253.15.
In his post, Marks noted that XRP was at or close to that point. Strong breakout. He predicted that the expected breakout could occur if the price of XRP rises by about 3% to 4% from the current price level. While the analyst remains optimistic about the future prospects of XRP, he also predicted that the cryptocurrency will I’ve been stuck in a triangle pattern for about 6 years. (2,424 days).
However, Marks said that if XRP can successfully break out of this long-term pattern, it could attract significant buying interest, creating a strong “bullish presence” that hasn’t been seen since 2016-2017.
XRP Price Analysis Update
The price of XRP is rising endlessly. Integration stage It has been trading consistently in the $0.50 range for the past few years. After a nearly four-year legal battle between Ripple and the U.S. Securities and Exchange Commission (SEC), XRP has witnessed a massive price surge. This caused the price to trade above $0.60.
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Last week, the cryptocurrency price rose 6%, but XRP continued to Failed to stay above $0.6 levelAccording to CoinMarketCap, the cryptocurrency is currently trading at $0.598, up slightly by about 0.23% over the last 24 hours.
Cryptocurrency analyst and XRP supporter identified as ‘XRP Captain’ Highlighted A new technical pattern observed on the 4-hour (4H) price chart of XRP. The analyst identified this pattern as a “bull flag” and predicted that if XRP can break out of this unique bullish pattern, the price could rise to the target of $0.65.
Featured image made with Dall.E, charts from Tradingview.com