Former Goldman Sachs executive Raoul Pal is taking a bullish stance on the flagship memecoin, with XRP rising more than fivefold in the last 30 days.
Pal said the 1.1 million followers of social media platform
The wedge pattern is characterized by converging trend lines, and is considered bullish when price breaks above the upper trend line.
“Crazy banana chart.”
A “banana” chart or area is a metaphor used by Pal to describe a bullish period for a cryptocurrency asset, with a yellow fruit or parabola shape that causes rapid increases in price.
Dogecoin is trading at $0.404 at the time of this writing, up about 172% in the last 30 days.
Pal says the move to XRP, the third-largest cryptocurrency asset by market capitalization, has broken out of its monthly-period wedge pattern.
“Last time around, XRP broke a long wedge pattern and rose another 5,600%! (Obviously not repeating myself, but you get the point. It could go up a lot.)”
XRP is trading at $2.57 at the time of this writing, up about 424% over the past 30 days.
The former Goldman Sachs executive mentioned Sui (SUI), saying that the 21st largest cryptocurrency asset by market capitalization is sending bullish signals for Solana (SOL).
Pal says SUI/SOL is showing an inverse head-and-shoulders pattern on the daily time frame and is watching the charts “like a hawk.” The inverted head and shoulders pattern is generally a bullish signal when prices are trending upward.
Sui is trading at 0.0166 SOL ($3.67) at the time of writing.
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