Analyst Explains How Ripple Price Could Reach $20 as XRP Prepares for Next Breakout
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CryptoBull shared insights on the potential price trajectory of XRP, emphasizing its position relative to Bitcoin. He pointed out that XRP is currently lagging approximately 1,500% behind Bitcoin’s value from early 2017.
This stark comparison suggests that if XRP price were to catch up to Bitcoin’s valuation, its price could soar to around $20. This shows the significant room for growth that XRP has in the ongoing bull market.
CryptoBull suggests that XRP’s current trajectory mirrors patterns seen in previous bull runs, where substantial increases followed periods of consolidation. Such historical context is essential for investors looking to gauge the potential for similar price movements in the near future.
XRP Price Eyeing Breakout Above $2
Amelie, another crypto analyst, expressed excitement about XRP’s imminent breakout, predicting a rise to $2 in the short term. The analyst corroborated CryptoBull sentiment by analyzing the recent chart patterns, noting that XRP has formed an ascending triangle, a bullish formation that indicates increasing buying pressure.
The recent breach of key resistance levels around $0.80-$0.90 has set the stage for this upward momentum, making a move toward $2 highly plausible.
Read Also: Avalanche Signals Bullish Momentum: Key Indicators Suggest AVAX Price Rally Ahead
In her chart analysis, the analyst pointed out that the psychological resistance at $2 is particularly significant. This level has been a historical point of contention for XRP, where it faced strong selling pressure previously.
XRP’s trading near $1.50 reflects current market optimism. Technical indicators point to potential consolidation ahead, with traders likely to watch the $2 level as a key threshold. A successful move above $2 could signal further gains toward $2.50-$3, while downside support appears positioned around $1.25-$1.30.
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