XRP Set To Soar: Analyst Predicts Breakout On Road To $1.88

A popular cryptocurrency analyst has reignited interest in XRP, the native token of the XRP Ledger, by suggesting its price could soon explode higher on a “road to $1.88.” The pseudonymous analyst, known as Dark Defender, posted a technical analysis showing XRP’s price reentering a symmetrical triangle pattern, which could lead to an upward breakout.

A symmetrical triangle forms when two trendlines, one falling and one rising, converge along a narrowing price range. Traders confirm a valid breakout by looking for a surge in trading volume and at least two consecutive daily closes beyond the trendline boundaries.

Symmetrical triangles usually indicate the price will continue moving in the same direction as before the pattern formed. So, if a symmetrical triangle follows an uptrend, traders expect prices to break out and continue rising.

Notably, blockchain data from on-chain whale monitoring service Whale Alert has shown massive XRP investors, whales, withdrawing over $28 million from the leading cryptocurrency exchange, Binance. These withdrawals occurred amid a wider market correction, suggesting a growing accumulation of XRP tokens by whales.

XRP Price Bounce Predicted Amid Market Downturn

The recent cryptocurrency market downturn has seen major digital assets like Bitcoin, Ethereum, XRP, Dogecoin, and Cardano experience significant price drops. However, a little-known metric suggests a short-term bounce could be due for some of these cryptocurrencies.

According to on-chain analytics firm Santiment, the lower a cryptocurrency’s 30-day Market Value to Realized Value (MVRV) ratio, the “higher the likelihood we see a short-term bounce.” The MVRV ratio gauges market sentiment and predicts future price movements by comparing the current market capitalization to the realized capitalization.

While the analyst’s prediction of a potential XRP price explosion has reignited interest, investors should exercise caution and conduct thorough research before making investment decisions. Cryptocurrency markets are highly volatile, and past performance does not guarantee future results.

Related Reading | Robinhood’s Claim To Fame: Allowing Dogecoin Trading

Furthermore, the author’s views are for reference only and shall not constitute investment advice. Before purchasing, please ensure you fully understand and assess the products and associated risks.

Comments (No)

Leave a Reply