XRP Price To Reach $40? Crypto Analyst Says You Should Get In Right Now
12 Setembro 2024 - 6:30PM
NEWSBTC
A crypto analyst is mega bullish on the future outlook of the
XRP price, predicting a massive price surge to $40 for
cryptocurrency. Despite XRP’s stagnant price growth over the years,
this crypto analyst remains confident in the cryptocurrency’s
short-term and long-term prospects. XRP Surge Incoming, Don’t Panic
Sell XRP, the native token of the XRP Ledger (XRPL) is currently
showing incredibly bullish signals according to ‘Steph Is Crypto,’
a market expert on X (formerly Twitter). Sharing a video discussing
his analysis of the XRP chart, Steph Is Crypto disclosed that
cryptocurrency is gearing up for a substantial breakout in the
immediate short term. Related Reading: Analyst Says Bitcoin
Is In A ‘Healthier’ Place Now, Here’s Why The analyst disclosed
that XRP is currently shaping a “larger inverted head and
shoulders” technical pattern. As a result, he predicted that a
breakout would be confirmed in XRP when a daily candle was seen
close to the neckline at the $0.65 level. Once XRP closes
above this crucial price level, the cryptocurrency could witness a
price increase to $1.11, representing a 106% surge from its current
value. Steph Is Crypto further revealed that on the monthly
time frame, XRP’s price is getting closer to the apex of its
distinctive symmetrical triangle pattern. A symmetrical triangle is
a neutral chart formation consisting of two converging trend
lines that suggest a potential price breakthrough after a
period of sideways trading. Based on XRP’s triangle chart
pattern, the analyst believes that the cryptocurrency could
experience a massive price surge to $40 in the next few weeks.
Considering the ambitious nature of this price forecast, Steph Is
Crypto has warned investors to take it with a grain of salt, noting
the market’s unpredictable nature. However, should XRP break
above the downward-sloping resistance line on its symmetrical
triangle pattern, the cryptocurrency could see a rapid move to the
upside. A jump to $40 would mean that the XRP will require a 75.5%
rally from its present price of $0.53. Looking at the Fear
and Greed index of the broader crypto market, the majority of
investors are in a fearful state due to the recent market decline
and volatility. However, Steph In Crypto has urged XRP investors to
stay bullish, emphasizing that now is the worst time to panic sell
their holdings. He also revealed that XRP is witnessing
a significant build-up of liquidity from short positions. As a
result, he recommends that investors keep an eye out on the
cryptocurrency’s liquidity margin, predicting a short squeeze or a
move upwards soon. Related Reading: Bitcoin Recovery Path To
$60,000: Analyst Reveals Why $55,881 Is Important Update On XRP
Price Analysis Despite XRP’s bullish forecast from analysts and its
newfound legal clarity, the cryptocurrency continues to experience
sluggish growth. CoinMarketCap’s data has shown that XRP is still
consolidating around the $0.5 price level, showing only modest
gains even during favorable market conditions. In the last 24
hours, the price of the cryptocurrency has jumped by 1.06%, however
in the previous week it also fell by 1.90%. Featured image
created with Dall.E, chart from Tradingview.com
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