Analysts Predict Major Surge for XRP Despite Slow Growth

Even though XRP is currently showing sluggish price movement, many market analysts remain hopeful about its potential.

Various experts are forecasting significant upward trends for XRP, pinpointing critical technical indicators and patterns that could signal a price increase.

A cryptocurrency analyst, known as ‘The Moon Carl’ on X (formerly Twitter), has raised concerns about when XRP might hit new highs.

Carl highlighted that XRP has been trading within a symmetrical triangle pattern for over four years.

READ MORE:

Here’s Which Altcoins Are Dominating Wallet Counts and User Engagement

This pattern, formed by converging trend lines, usually signals a period of consolidation that can precede a substantial price movement.

#XRP has been trading within this giant symmetrical triangle for +4 years!

The question is, when will it break out? pic.twitter.com/hsPr4NLNbm

— The Moon (@TheMoonCarl) July 24, 2024

XRP has been trading between $0.50 and $0.60 for several months. Its last significant peak was in 2018, reaching an all-time high of $3.84. Analyst Alex Clay pointed out that XRP is starting to break out of this long-standing triangle pattern after 2,227 days of accumulation.

#XRP/USDT$XRP is breaking out of the symmetrical triangle (2275 Days we were accumulating inside the one and fighting with SEC)🧐

I am bullish🚀

Mid-Term Target – 1.2580$
Mid-Term Target – 1.5700$
Long-Term Target – 3.1000$ pic.twitter.com/n6947GILxC

— Alex Clay (@cryptclay) July 22, 2024

During this time, XRP faced legal issues with the U.S. Securities and Exchange Commission (SEC).

Despite these challenges, Clay is optimistic about XRP’s future. He predicts mid-term price targets of $1.2580 or $1.5700, and a long-term target of $3.1.

As of now, XRP remains stable around the $0.60 level. Although its price growth has been slow, analysts continue to hold positive expectations. Another analyst, ‘XRP Captain,’ forecasts a significant rise for XRP, with a minimum target of $22. He believes the prolonged symmetrical triangle pattern indicates that XRP is poised for a major bullish breakout in the near future.

#XRPHolders 🚨🚨 #XRP Ready To Explode Vertical In The Coming Weeks. #XRP Is Trading In This Symmetrical Pattern For Over 2400 Days & The Breakout Target Is 22$ Minimum 👀💥🚀 pic.twitter.com/7ywUqvc6aY

— XRP CAPTAIN (@UniverseTwenty) July 23, 2024

Alexander Stefanov