Breaking Free: Analyst Eyes $1.68 Breakout For XRP After Years In The Shadows
08 Mayo 2024 - 3:00AM
NEWSBTC
The price of XRP, the native token of Ripple, has been on a
rollercoaster ride in recent years. After reaching a peak of nearly
$2 in April 2021, it has been in a downward motion, leaving
investors wondering if a comeback is on the horizon. However, a
recent analysis by market analyst Jonathan Carter suggests that XRP
might be on the verge of a significant breakout. Related Reading:
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Price? XRP Stuck In Symmetrical Triangle Carter’s prediction hinges
on a technical chart pattern known as a symmetrical triangle. This
pattern typically forms during periods of consolidation, with
prices bouncing between converging upper and lower trendlines. XRP
has been trading within this triangle for several years, indicating
a potential struggle between buyers and sellers. Support Retest
Fuels Breakout Hopes The recent price drop in April, which mirrored
a broader market correction, saw XRP retest the lower trendline of
the symmetrical triangle. In technical analysis, such a retest is
often seen as a precursor to a breakout, where the price decisively
breaks through one of the trendlines. Carter believes this retest
signifies an imminent upswing for XRP. #XRP Ripple is bouncing from
the lower trendline of a symmetrical triangle on the weekly chart🧐
A successful breakout above this triangle would be a bullish signal
with mid-term targets at $0.93 and $1.68🎯
pic.twitter.com/sbZXfEYMCM — Jonathan Carter (@JohncyCrypto) May 6,
2024 Undervalued XRP? MVRV Ratio Hints At Opportunity Adding fuel
to the fire is the MVRV Ratio, a metric used to gauge whether an
asset is overvalued or undervalued. XRP’s current MVRV sits at a
low -0.5733, suggesting that the token is trading significantly
below its historical average price. This could be interpreted as a
sign of undervaluation, potentially attracting investors seeking
undervalued opportunities. Analyst Projects Mid-Term Target Of
$1.68 Carter forecasts an initial spike towards $0.93, a level that
XRP briefly touched in July 2023 after a favorable verdict in the
current SEC dispute, should a breakout from the symmetrical
triangle occur. XRP market cap currently at $28.8 billion. Chart:
TradingView.com Carter, however, thinks that XRP will overcome this
resistance level this time around in order to reach its more
ambitious mid-term goal of $1.68. It would take an incredible 213%
increase from the current price of $0.53 to reach this goal. XRP
seven-day price action. Source: CoinMarketCap Experts Urge Caution
Despite Bullish Outlook While Carter’s analysis paints a bullish
picture for XRP, financial experts advise caution. The
cryptocurrency market remains highly volatile, and unforeseen
events can drastically alter price movements. Related Reading: 900
Million Telegram Users Send TON Token Soaring 15% – Details
Additionally, the ongoing lawsuit between Ripple and the SEC
regarding XRP’s classification as a security continues to cast a
shadow over the token’s future. A negative outcome in the lawsuit
could dampen investor sentiment and hinder any potential price
surge. Featured image from iStock, chart from TradingView
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