With the XRP price now constructing significant momentum, a crypto analyst has projected that the highest altcoin is about to rally to the next goal of $38. The analyst reveals that the worth motion combined with key bullish technical indicators support this optimistic outlook. 

Analyst Projects The Altcoin’s Price Massive Surge to $38

X (formerly Twitter) crypto expert Gert van Lagen has projected that the XRP price is gearing up for an explosive increase to $38. While the analyst’s forecast may appear ambitious considering the altcoin is trading under $3, he backs it up with key indicators that strongly validate and reinforce this outlook.

Lagen shared a 2-week technical evaluation chart of the asset’s price motion through the years, highlighting a Double Bottom and Ascending Triangle pattern — each strong bullish indicators. 

XRP’s price formed a 7-year-old Double Bottom Double Bottom from 2014 to 2020. This pattern is a typical bullish reversal signal that indicates a shift from a downtrend to an uptrend. On the time, the cryptocurrency broke above the neckline of the Double Bottom, triggering an enormous rally to $0.28 and $2.5, marked by “1” and ”2”, respectively, on the chart. 

Moving forward, the worth has been forming an Ascending Triangle — a bullish continuation pattern characterised by a flat upper trendline and a rising lower trendline. The looks of this technical indicator suggests a possible breakout in a cryptocurrency or the continuation of an uptrend.

Lagen’s XRP price chart shows that the cryptocurrency recently broke above an important resistance, marked by the black horizontal line, confirming a bullish breakout. Considering the previous Double Bottom breakout led to an explosive price increase in 2017 and 2018, the analyst expects the same and even greater rally to occur, along with his ultimate goal set at $38. 

XRP’s previous rally, though less important, exceeded its parabolic goal by 2x. Consequently, the analyst considers his $38 price projection for the cryptocurrency to be quite conservative. Despite this optimistic forecast, the altcoin continues to trade below all-time highs, steadily approaching its previous high around $3 as positive market sentiment drives gains.

XRP Community Sparks Bullish Frenzy On X

The XRP community has been in a frenzy recently after the official conclusion of Ripple’s five-year legal battle with the USA Securities and Exchange Commission (SEC). Everywhere in the X social media platform, mentions of XRP’s achievement spread, with many analysts projecting significant price increases in the approaching weeks.

With positive sentiment running high and the once-crippling legal case now settled, the altcoin could reclaim its former glory with sharp price jumps and a growing market capitalization, very like before the SEC’s lawsuit. Notably, an X crypto analyst identified as ‘Random Crypto Pal’ has declared that with the conclusion of the Ripple and SEC lawsuit, XRP now not has market cap limits. He further predicts that the cryptocurrency could surge to an ambitious goal of $10,000.

Featured image from Adobe Stock, chart from Tradingview.com

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