In the overall downward trend surrounding the entire cryptocurrency market, XRP It was observed to be one of the most affected tokens and its price quickly fell to $0.51.
Potential price surge for XRP
The price of XRP has been witnessing a significant bearish trend for quite some time. This has led to several speculations in the market. analyst About the future of tokens.
However, well-known crypto analyst XForceGlobal predicted that the price of XRP could rise to $11. Analysts use social media platform share His bold plans for the cryptocurrency community.
XForceGlobal confirmed in its macro analysis that XRP is forming a symmetrical triangle starting in 2021. He cited the triangle scenario as the main focus of his forecast.
This symmetrical triangle was formed as a result of the upper descending trend line and the lower rising trend line. After XRP fell to its March 2020 low of $0.1013, the token created a triangular lower upward trend line, according to expert weekly chart data.
However, it was only after the asset fell from $1.96 in April 2021 that an upper descending trendline was formed. Since then, XRP has not collapsed above or below the triangle.
XForceGlobal predicts that XRP will initially plunge further to retest the lower trendline as it approaches the top of the triangle. After that, experts predict a significant uptrend leading to an upward breakout.
Moreover, he claims that the larger triangle’s ability to withstand three years of data makes it the greatest accumulation of all tokens.
XForceGlobal said:
The larger triangle scenario now has three years of solid data, making it the largest accumulation of any coin without breaking any major lows at the time of writing.
His analysis called XForceGlobal “conservative.” price” For assets between “$9 and $11” if a breakout occurs. “Should the triangle scenario occur, we would set a conservative target of around $9 to $11 over the next few years,” he said.
Crypto Assets Have Seen Massive Breakdowns
Another cryptocurrency analyst, Crypto Rover, visited X to share the impact of the decline he observed in XRP. He emphasized that the decline has suffered a “massive collapse” since the second quarter of 2021.
Rover shared a digital asset chart to further highlight his analysis. As Rover sees it, vertex The current price is $0.51, up from approximately $1.82 in mid-April 2021.
Afterwards, the token appears to have been traded in the form of a symmetrical triangle. If the price is not controlled as it breaks through the base of the triangle, further declines may occur.
At the time of writing, XRP is trading at $0.5125, down 6.10% over the past week. According to CoinMarketCap, market capitalization increased 0.38% while trading volume decreased more than 3%.
Featured Image: Shutterstock, Chart: Tradingview.com
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