The recent movements in XRP’s price have created significant buzz in the crypto market, with the cryptocurrency experiencing a noteworthy surge and breaking through crucial resistance levels. This bullish momentum has enabled XRP to overcome a key bullish pattern, prompting a crypto analyst to predict that it could potentially soar fourfold to new highs of $2.60.
Following a period of slow growth and bearish trends, XRP has rekindled investor confidence with its latest price surge. Over the past week, XRP has skyrocketed by 8.93% and exhibits signs of further gains.
This optimistic outlook is echoed by prominent crypto analyst Captain Faibik, who revealed in an X (formerly known as Twitter) post on September 28 that XRP has broken a unique bullish pattern, suggesting the potential for a significant price rally.
In Faibik’s XRP price chart, a multi-year bullish symmetrical triangle pattern is evident. This pattern began forming in October 2021 and extended to September 2024, with XRP experiencing notable price fluctuations during this period.
After its first substantial price surge in weeks, XRP successfully broke out of this bullish triangle pattern. CoinMarketCap data indicates that XRP has jumped by 4.73% in the last 24 hours, emphasizing the extent of the recent price increase.
This significant price jump suggests that XRP may be pushing well above its previous consolidation levels of around $0.50. Currently, XRP is trading at $0.64, indicating a possible rise in investor interest and demand for the cryptocurrency.
By overcoming this bullish triangle pattern, Faibik believes XRP could be on track for a massive rally that might elevate its price by four times. The analyst suggests that XRP is gearing up for a major breakout to mid-term targets of $2.30.
Another notable analysis comes from a crypto and Elliott Wave analyst identified as ‘XForceGlobal’ on X. According to the analyst, XRP has just broken the “multilayer BD trendline,” potentially setting the stage for a price increase.
XForceGlobal hypothesizes that if XRP sustains its price above this trendline for a few more weeks, it could witness a significant price increase, potentially reaching between $7 and $10. The analyst’s detailed chart predicts that XRP’s price could rise to $8.67, marking a 1,482% increase from its current price of $0.60.
As of now, XRP holds steady at $0.64, suggesting robust investor interest and a promising future for the cryptocurrency. The crypto world will be watching closely to see if these bullish predictions come to fruition, potentially leading to remarkable gains for XRP.
