XRP on the Verge of Breakout: Analyst Predicts Price Surge

XRP bulls are back in charge, with prominent analyst “360 Trader” calling for a significant price increase. Citing a bullish symmetrical triangle pattern on the weekly charts, 360 Trader believes XRP is poised for a breakout, regardless of broader market sentiment.

XRP Technicals Point to Upside

• Symmetrical Triangle: This chart pattern often indicates a breakout, and XRP’s price is nearing the apex, where a decisive move is expected. 360 Trader predicts this move will be upwards.
• Rising Trading Volume: Trading volume has surged in recent weeks, surpassing 12.94 billion XRP in the last seven days. This increased activity often precedes major price movements.
• Ascending Trendline: Despite facing resistance, XRP’s price has maintained a steady upward trajectory since early 2023, suggesting underlying bullish momentum.

Key Resistance Levels

• $0.65: Breaking above this critical level could trigger a significant rally. Many investors are closely watching to see if XRP can overcome this hurdle.

Analyst Confidence & Mixed Reactions

• 360 Trader: Based on technicals, the analyst believes XRP’s price will skyrocket soon.
• Max Schwartzman (Bitcoin Analyst): He recently started accumulating XRP, citing historical price patterns and aiming for an eightfold return within a year.
• Skeptics: Some market participants remain unconvinced, pointing to past failed XRP breakout predictions.

Current Price Action

XRP is trading above $0.58, building on recent gains. A clear break above $0.5920 and $0.600 could signal a stronger bullish move. Support levels lie at $0.580 and $0.570.

ABOUT THE AUTHOR See More

Arslan Butt

Index & Commodity Analyst

Arslan Butt serves as the Lead Commodities and Indices Analyst, bringing a wealth of expertise to the field. With an MBA in Behavioral Finance and active progress towards a Ph.D., Arslan possesses a deep understanding of market dynamics.His professional journey includes a significant role as a senior analyst at a leading brokerage firm, complementing his extensive experience as a market analyst and day trader. Adept in educating others, Arslan has a commendable track record as an instructor and public speaker.His incisive analyses, particularly within the realms of cryptocurrency and forex markets, are showcased across esteemed financial publications such as ForexCrunch, InsideBitcoins, and EconomyWatch, solidifying his reputation in the financial community.

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