Could It Skyrocket To $100? Analysts Share Their Predictions

Crypto market participants are taking note of XRP. There was a continuous bounce between trend lines, forming what analysts call a symmetrical triangle pattern. In consequence of a pattern traced way back to 2018, this digital asset might be set for an enormous move — but how?

XRP Technical Indicators: A Mixed Bag

The worth of XRP has been steadily on the $0.57 mark, considered to be a key support level. Historically, this level has held pretty much and kept the coin from dipping too low.

Recently, trading volume picked up, which is most of the time an indication that something big is brewing. If XRP breaks above the triangle’s upper trend line, then control is perhaps taken over by the bulls, pushing up the value to latest highs.

#XRP Breakout Incomin

XRP price has been consolidating inside a symmetrical triangle since 2018 signaling a possible breakout With strong support around $0.38 and increasing volume 2024 might be the 12 months for a major upward move Control XRP big things might be ahead pic.twitter.com/5MsehzASG6

— xaif.03 🇮🇳 (@xaif_03) August 10, 2024

While some, like analyst Xaif.03, expect an increase to $100, that may be a bit far-fetching at this point without more concrete evidence. But then, these people can see higher than extraordinary souls.

Yet all isn’t rosy. The Relative Strength Index is available in at 54, right smack in the midst of the dimensions. This reading does indicate that neither an oversold nor overbought market condition exists, due to this fact keeping the door open to either a rally or more consolidation.

The Bullish Case For XRP

Notwithstanding some level of uncertainty involved, some analysts still stand on the bullish side. Noted crypto space figure Alan Santana believes that XRP is currently undergoing an accumulation phase. The token, in response to him, follows a bear market with such a phase before drastically spiking in price exponentially.

✴️ XRP Pre-2025 Bull-Market Accumulation Zone & Strategy

My dear friends…

Accumulation for XRP, when considering the larger picture, has been on-going since June 2022. The 2023 bullish wave was only a minor wave in comparison with bull-market proportions. “Wave 1” of a much larger… pic.twitter.com/15LWLOxPcp

— Alan Santana (@lamatrades1111) August 10, 2024

Based on his prognosis, if the XRP 2022 bear market is followed by its recovery 12 months in 2023, it paves the way in which for accumulation in 2024. This happened once; thus, we’d then expect a powerful bull run for XRP in 2024, or the 12 months after that. After all, crypto markets are unpredictable, and past performance doesn’t at all times warranty leads to the longer term.

XRP is currently trading at $0.57. Chart: TradingView

Skeptics And The Path Forward

Not everyone, nevertheless, is convinced that XRP is within the midst of a breakout. Some analysts have cautioned that while the symmetrical triangle pattern is powerful, it doesn’t at all times work. The market could easily move sideways for months, which could frustrate traders.

XRP Technical Evaluation on a 3-Day Timeframe

In our previous evaluation of XRP, we observed that the 50EMA and the 0.618 FIB levels were acting as resistance. The worth eventually broke above these levels and reclaimed the resistance trendline at $0.63.

Currently, XRP is trending… https://t.co/7qvnJhiZuE pic.twitter.com/AH5AddwVTu

— Cryptorphic (@Cryptorphic1) August 9, 2024