A crypto analyst is predicting a huge price jump for XRP, forecasting it could reach a whopping $38. This might sound crazy considering its current price, but the analyst backs up their prediction with some interesting technical analysis.
The Technical Case for $38 XRP
The analyst, Gert van Lagen, points to two key chart patterns:
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Double Bottom: This pattern, formed between 2014 and 2020, is often a sign that a downtrend is reversing. The last time XRP formed a double bottom, it led to a significant price increase.
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Ascending Triangle:
This pattern shows a flat top and rising bottom, suggesting a potential breakout and continued upward movement. XRP recently broke through a key resistance level, strengthening this bullish signal.
Van Lagen believes the combination of these patterns, along with the recent positive news surrounding Ripple’s legal battle, points to a potential rally similar to—or even bigger than—the one seen after the previous double bottom. They consider their $38 target to be conservative, given the previous rally significantly exceeded initial predictions.
The Ripple Effect: Community Excitement
The XRP community is buzzing since Ripple won its case against the SEC. Many are predicting big price increases, with some even suggesting incredibly ambitious targets like $10,000. The removal of the legal uncertainty seems to have sparked a wave of optimism. The positive sentiment, combined with the technical analysis, is fueling the belief that XRP could see a major price surge.
A Word of Caution
While the analysis is interesting, it’s crucial to remember that crypto markets are incredibly volatile. No one can predict the future with certainty, and any investment carries risk. This prediction should be considered just one perspective among many.
