XRP Breakout: Can it soar to $100? Analysts share their predictions
Market participants in the Crypto market are following XRP. There is a continuous rebound between the trend lines, forming a symmetrical triangle pattern as mentioned by analysts. As this pattern has appeared as early as 2018, this digital asset may be gearing up for a big move - but how will it unfold?
From the sharp-eyed market sentinels predicting a potential big pump of XRP to those treading on thin ice, the Cryptocurrency community is filled with various predictions. This pattern shows the struggle between buyers and sellers, which could mean that once the struggle is over, its value will experience a big pump or big dump.
The price of XRP has been stable at the level of $0.57, which is considered a key support level. Historically, this level has held up well and prevented the fall of the token from going too low. Recently, the volume has rebounded, which often indicates that something big is about to happen. If XRP breaks the upper trend line of the triangle, long positions may take control and push the price to new highs.
Although some people (such as analyst Xaif.03) predict that BTC will rise to $100, there is little concrete evidence to support this prediction at the moment. However, these people have a clearer view than ordinary people. But things are not all bright. The Relative Strength Index is 54, right in the middle. This data does indicate that the market is neither oversold nor overbought, so there is a high possibility of a rebound or further consolidation.
Despite some degree of uncertainty, some analysts remain optimistic. Renowned figure in the Crypto field, Alan Santana, believes that XRP is currently in an accumulation phase. According to him, the Token will go through this phase after the Bear Market, followed by a sharp price surge.
According to his prediction, if XRP's recovery year in 2023 follows the bear market in 2022, it will pave the way for accumulation in 2024. This scenario has occurred once; therefore, we may anticipate a strong Bull Market for XRP in 2024 or the following year. Of course, the cryptocurrency market is unpredictable, and past performance does not always guarantee future results.
However, not everyone believes that XRP is in a breakout. Some analysts warn that while the symmetrical triangle pattern is powerful, it is not always effective. The market can easily consolidate sideways for several months, which may frustrate traders.
Another analyst, Cryptorphic, also reiterated some resistance levels that AltCoin needs to break through to prevent further decline in its value. He pointed out that the support level around $0.41-0.42 has been very solid, however, it is currently difficult to achieve this support level without major news supporting the rise of XRP.
(Data source: Christian Encila)
